Yatra Online Inc and Nasdaq listed Terrapin 3 Acquisition Corporation (TRTL) have entered into a merger agreement that puts Yatra enterprise value at USD 218 million.
“Yatra will be the surviving company in the transaction and intends to be listed on the Nasdaq stock market under the symbol ‘YTRA’ following completion of the transaction,” Yatra said in a statement.
The combined company will continue to be led by Yatra’s management team under the leadership of chief executive and co-founder Dhruv Shringi, it added.
Yatra Co-founder and Chief Executive Dhruv Shringi said: “We are excited to partner with TRTL in a transaction that we believe will enable Yatra to continue its growth as a new public company.”
This transaction gives Yatra substantial additional resources to support its growth and the continued improvement of our integrated online and mobile platforms, he added.
“We believe our combination will provide substantial new resources to position the company for accelerated future growth, ” TRTL board Chairman Nathan Leight said.
TRTL was created with the express purpose of partnering with a company that would benefit from a public listing, “could utilize our cash resources for growth and generate long-term returns for our shareholders,” he added.
Launched in August 2006, Yatra, through its yatra.com website, is a online shop for all travel-related services aimed at both leisure and business travelers in India.
Yatra provides reservation connectivity for more than 60,000 hotels in India.