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Indian firm Yatra scraps merger deal with U.S.-based Ebix

Pramod Thomas
By Pramod ThomasJun 06, 2020
Pramod Thomas

Pramod Thomas is an assistant editor at Eastern Eye, where he covers British Asian affairs and key developments in UK politics and business. With two decades of journalism experience, his areas of interest include business, international affairs, current events, arts and culture. 

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India's Yatra Online Inc has terminated a pending merger agreement with the US software firm Ebix Inc, and had filed a litigation seeking "substantial" damages for Ebix's alleged breach of deal terms.

Ebix had agreed to buy Yatra in 2019 for an enterprise value of $337.8 million, aiming to beef up its portfolio of Indian travel companies, including Mumbai-based Mercury Travels and Delhi-based Leisure Corp.

Indian travel services company Yatra said it is seeking damages against Ebix for breaching terms of their merger agreement, including clauses on representations and covenants.

Ebix did not immediately respond to Reuters' request for comment.

Separately, Yatra said it has implemented certain cost-saving measures starting April, including cutting management salaries by half and freezing salary hikes to weather the impact of the Covid-19 pandemic on its business.

Shares of Yatra were about eight per cent lower in extended trading.

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