Indian travel agency Yatra Online, Inc has entered into a merger agreement with Terrapin 3 Acquisition Corp (TRTL), a Nasdaq-listed special purpose acquisition firm, The transaction values Yatra at an enterprise value of $218 million (Rs 1,458 crore). As per the terms of the merger, the combined entity aims to be listed as YTRA on Nasdaq.The current shareholders of Yatra will hold at least 35% of the issued and outstanding
shares in the new merged entity and $100 million cash will be allocated to its books. Shareholders of Yatra will get a maximum of $80 million in cash for now while they can also get additional amount of up to $35 million if certain business targets are met over the next one and half year.
Yatra is one of the fastest growing consumer travel platforms and online travel agents in India with more than 4 million customers.
Yatra customers booked more than 8 million air travel reservations and hotel stays with total transaction value worth more than $900 million (at current exchange rates) during their fiscal year ended March 2016, an increase of 25% from the prior year (at constant currency rates) with 74% of transactions coming from repeat clients who return to book more travel.
The new entity will be led by Yatra co-founder & CEO Dhruv Shringi.
Launched in August 2006, Yatra, through its yatra.com website, is a one-stop online shop for all travel-related services aimed at both leisure and business travelers in India. A leading consolidator of travel products, Yatra provides reservation connectivity for more than 60,000 hotels in India, a larger network than any other Indian online travel agent.
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