Yatra Online, India’s leading online travel company, announced that it has provided notice of termination of its pending Merger Agreement with Ebix, Inc. and filed litigation in the Court of Chancery of the State of Delaware over Ebix’s breaches of the Merger Agreement.
Last year, Ebix, a US-based software firm, had agreed to buy Yatra for an enterprise value of $337.8 million, aiming to expand its portfolio of Indian travel companies, including Mumbai-based Mercury Travels and Delhi-based Leisure Corp.
“The complaint seeks to hold Ebix accountable for breaches of its representations, warranties and covenants in the Merger Agreement and an ancillary extension agreement, and seeks substantial damages. As detailed in the complaint, Ebix’s conduct breached material terms of the agreements and frustrated Yatra’s ability to close the transaction and obtain the benefit of Yatra’s bargain for Yatra’s stockholders,” the company mentioned in their press release.
Based in Gurugram, Yatra is a one-stop-shop for all travel related services. It is the second largest online travel agent company in India. The company provides information, pricing, availability, and booking facility for domestic and international air travel, domestic and international hotel bookings, Packages, buses, trains, in city activities, inter-city and point-to-point cabs, homestays and cruises.
Adding to it, Yatra also provides real-time bookings for more than 108,000 hotels and homestays in India and over 1.5 million hotels around the world.
