The software company, Ebix Inc. proclaimed to have signed a concord to buy Yatra Online Inc. in a transaction to improve its portfolio, according to a media report.
The all-stock deal implies an enterprise value of $337.8 million (Rs 2,325 crore) and a net equity value of $239 million for Yatra. The enterprise value takes into account a company's debt, working capital and cash on the books, Ebix Inc. told the daily news, VC Circle.
Ebix essentially offers e-commerce services and software to healthcare, insurance and financial niches. Earlier in March, the company had first tried to buy Yatra Online, which administers online travel portal Yatra.com
In the previous year, EbixCash, a subsidiary of Ebix, has bought Delhi-based firm, Leisure Corp and Mumbai-based firm, Mercury Travels so as to develop a separate travel segment, which will be focusing on events, luxury and sports-related travellers.
In 2017, US-based firm, Ebix had bought an online-cum-offline travel firm for $75 million.
Yatra will also become part of the EbixCash travel portfolio alongside Via and Mercury. It will continue to operate under the Yatra brand, Ebix told the daily news.
"The acquisition of Yatra would lend itself to significant synergies and the emergence of EbixCash as Indias largest and most profitable travel services company, besides being the largest enterprise financial exchange in the country," Chairman, President and CEO of Ebix, Robin Raina told the daily news.