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  1. Yatra acquires Air Travel Bureau; deal amount yet to be disclosed

Yatra acquires Air Travel Bureau; deal amount yet to be disclosed

Nasdaq-listed online travel company Yatra acquired corporate travel service provider, Air Travel Bureau (ATB), for an undisclosed amount. Announcing the acquisition, Yatra claimed in a statement that ATB is India’s largest corporate travel services provider having gross bookings of Rs 1,500 crore and a client base of 400 medium and large sized companies in India.

By: | Bengaluru | Published: July 25, 2017 7:15 AM
Nasdaq-listed online travel company Yatra acquired corporate travel service provider, Air Travel Bureau (ATB), for an undisclosed amount.

Nasdaq-listed online travel company Yatra acquired corporate travel service provider, Air Travel Bureau (ATB), for an undisclosed amount. Announcing the acquisition, Yatra claimed in a statement that ATB is India’s largest corporate travel services provider having gross bookings of Rs 1,500 crore and a client base of 400 medium and large sized companies in India. Dhruv Shringi, co-founder and chief executive officer, Yatra, said, “This acquisition significantly strengthens our position in the large and growing corporate travel market in India. We believe that as a combined entity, we are now the largest corporate travel services platform in India by gross bookings”. He added, “This acquisition will allow us to deliver best-in-class experiences to an even wider set of travellers, through our web and mobile app platforms and enhance our reach to cross-sell our entire product suite, including hotels, to this customer base.”The boards of both the companies have approved the transaction and the first closing to acquire majority of the outstanding shares is expected to close by next month, and the second closing is expected to occur in second quarter of 2018 calendar year. Yatra has agreed to acquire all of the outstanding shares of ATB and assumed its debt.

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