Indian OTA Yatra signs SPAC Deal
Blank-check company Terrapin 3 Acquisition has agreed to buy India-based online travel business Yatra Online Inc. in a deal with a USD 218 million enterprise value.
Terrapin 3 Acquisition Corp. and Yatra said current shareholders of Yatra, which include Norwest Venture Partners, are expected to own at least 35% of the company after the deal closes. The deal is expected to close in October.
Yatra’s other investors have included Reliance Venture Asset Management Ltd. and Intel Capital. Cash payments to current Yatra shareholders will be capped at $80 million. Yatra’s management team including chief executive and co-founder Dhruv Shringi will stay with the company.
Yatra, founded in 2006, was considering an initial public offering as far back as 2011. Another Indian travel site, MakeMyTrip Ltd. , debuted on Nasdaq in 2010. Yatra customers booked more than 2.8 million air travel reservations in its latest fiscal year and the company provides reservations for more than 60,000 hotels.
Read original article