Ebix acquires Yatra to consolidate its position
US software firm Ebix has acquired Nasdaq-listed Yatra Online Inc to boost its India travel ventures at an enterprise value of $336 million, or Rs 2,350 crore in an all stock deal. Once the transaction is complete --- the deal marks Ebix's biggest acquisition till date in India --- it is expected to create India's largest and most profitable travel services company. The $2-billion Atlanta-based software company has set a $7 for each outstanding diluted share of Yatra, totalling 48 million shares. The $7 price a piece was 84% premium to Yatra Online's closing share price of $3.8 as of March 8, 2019. However, Ebix has announced in the press note that it reserves the right to reduce its offer at its discretion if it does not receive a positive engagement response from the Yatra board in a timely manner or if any subsequent steps are taken by the company that could have an adverse impact on its future value. The board of directors of both the company has approved th...