Terrapin acquires Yatra for $218 million
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 two companies said in a statement. The transaction values Yatra at an enterprise value of $218 million (Rs 1,458 crore).
Yatra said that it intends to be listed on the U.S. stock exchange Nasdaq under the symbol ‘YTRA’. It would be able to do this via a reverse merger, a way for private companies to go public, typically through a cost-efficient and expedient process.
TRTL, a shell company, is focused on effecting a merger, acquisition, or similar business combination. The combined company will continue to be led by Yatra’s management team under the leadership of chief executive and co-founder Dhruv Shringi.
Yatra customers booked more than 2.8 million air travel reservations and hotel stays with total transaction value worth over $900 million during the fiscal year ended March 2016, an increase of 25 percent from the prior year, according to the firm.