Yatra pulls out of Ebix merger, plans legal action
Online travel platform Yatra said it has halted a planned merger with US-based firm Ebix Inc.
Yatra claims a breach of the merger terms by Ebix and is seeking ‘substantial damages.’
Last year Ebix announced its intention to acquire Yatra at a value of $337.8 million.
In a release Yatra says Ebix is ‘accountable for breaches of its representations, warranties and covenants in the merger agreement.’
It says the Atlanta based firm ‘frustrated Yatra’s ability to close the transaction.’
The deadline for the deal was June 4.
Ebix has not responded to the legal action filed in a Delaware court, so it is unclear whether the global Covid-19 pandemic has been a factor.
Yatra offers bookings at more than 108,000 hotels and homestays across India and more than 1.5 million hotels around the world.
It also offers flights deals, activities, cruises and train tickets.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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