Mumbai: A special purpose acquisition firm Terrapin 3 Acquisition Corp. (TRTL) has agreed to buy Indian online travel agency firm Yatra Online, Inc. in a multi-phased transaction that values Yatra at an enterprise value of $218 million. Cash payments to current Yatra shareholders will be capped at $80 million. Yatra intends to be listed on the NASDAQ stock market under the symbol “YTRA” following completion of the transaction, TRTL said in a statement. Yatra is one of the fastest growing consumer travel platforms and online travel agents in India with more than 4 million customers. The infrastructure required to compete in India as an online travel agent represents a significant barrier to market entry.

Source: Mint July 14, 2016 03:22 UTC