Ebix signs agreement to acquire Yatra

Each ordinary share of Yatra will be entitled to receive 0.005 shares of a new class of preferred stock of Ebi. Each share of Ebix convertible preferred stock received for each Yatra ordinary share will, in turn, be convertible into 20 shares of common stock of Ebix.

"The acquisition of Yatra would lend itself to significant synergies and the emergence of EbixCash as India’s largest and most profitable travel services company, besides being the largest enterprise financial exchange in the country. Over the last few months, we have evolved a detailed synergistic plan, that once fully executed can provide between 40 to 75 cents of accretion to the Ebix non-GAAP EPS. We are excited by the cross-selling opportunities that this combination provides us, while further strengthening our future EbixCash IPO offering," said Raina in a statement to the media.

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Dhruv Shringi, co-founder and CEO of Yatra Online, expressed his delight after the deal was announced.

"We are pleased to announce this agreement with Ebix, which provides our shareholders with the opportunity to participate in the significant upside potential of one of the fastest growing multinational On-Demand software and E-commerce services companies in the world," said Dhruv Shringi, co-founder and CEO of Yatra Online.