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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 a senior correspondent with Asian Media Group since 2020, bringing 19 years of journalism experience across business, politics, sports, communities, and international relations. His career spans both traditional and digital media platforms, with eight years specifically focused on digital journalism. This blend of experience positions him well to navigate the evolving media landscape and deliver content across various formats. He has worked with national and international media organisations, giving him a broad perspective on global news trends and reporting standards.
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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.

ebixyatra online

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Highlights

  • Average UK house price rose 0.3 per cent in October to £272,226, down from 0.5 per cent growth in September.
  • Annual house price growth edged up to 2.4 per cent, with market remaining resilient despite mortgage rates being double pre-pandemic levels.
  • Buyers delaying purchases amid speculation that November budget could introduce new property taxes on homes worth over £500,000.
British house prices grew at a slower pace in October as buyers adopted a wait-and-see approach ahead of the government's budget announcement on 26 November, according to data from mortgage lender Nationwide.

The average house price increased by 0.3 per cent month-on-month in October to £272,226, down from a 0.5 per cent rise in September. Despite the monthly slowdown, annual house price growth accelerated slightly to 2.4 per cent, up from 2.2 per cent in the previous month.

Robert Gardner, Nationwide's chief economist, said the market had demonstrated broad stability in recent months. "Against a backdrop of subdued consumer confidence and signs of weakening in the labour market, this performance indicates resilience, especially since mortgage rates are more than double the level they were before Covid struck and house prices are close to all-time highs".

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