Ebix acquires Yatra for over Rs 2,300 crore

Mumbai, July 17 

The US-based NRI-run Ebix Group today announced acquisition of the Nasdaq-listed domesitc travel portal Yatra for an enterprise valuation of $337.8 million (over Rs 2,300 crore) through a merger, creating the country’s largest travel services platform.

Both the companies have signed a definitive agreement for the merger, they said in a joint statement, which said the merger will create the country’s largest and the most profitable travel services platform, and the merger follows a growing list of acquisitions by Ebix to emerge as a leader in various segments through buyouts.

Ebix already has two travel portfolios — Via and Mercury — which operate globally.

The deal, which is the largest by the company in the country, marks a string of buyouts that the Robin Raina group has carried out in the past two years.

Ebix had in April 2018 bought out the forex card business of the Centrum group — Centrum Direct — for around Rs 1,200 crore and was merged with EbixCash, an end-to-end financial exchange of the acquirer.

Centrum Direct is into forex, overseas remittances, prepaid travel cards and travellers’ cheques and has a network of 165 outlets spanning 55 cities and is the largest airport forex player with presence in 24 airports. Ebix had also acquired two financial services firms early this year — Essel Forex and Weizmann Forex . — PTI

Deal dynamics 

• The merger follows a growing list of acquisitions by Ebix to emerge as a leader in various segments through buyouts
• Ebix already has two travel portfolios — Via and Mercury — which operate globally