Travel portal Yatra.com and Terrapin 3 Acquisition Corporation, announced that they have entered into a definitive agreement to combine in a transaction that values Yatra at an enterprise value of $218 million. Yatra will be the surviving company in the transaction and plans to list on the NASDAQ exchange under the symbol "YATRA" following completion of the transaction. The combined company will be led by Yatra's management team under the leadership of chief executive and co-founder Dhruv Shringi. Existing shareholders of Yatra may receive additional consideration of up to $35 million upon the achievement of certain financial objectives during the 18 months after closing. Speaking on the deal, Promod Haque, Senior Managing Partner at Norwest Venture Partners, said, "We are delighted to have TRTL on board in combination with Yatra. This transaction will provide Yatra with significant resources to further strengthen its presence as one of the leading players in the fast growing Indian online travel market. We believe that the online travel market in India has a long runway of future growth with the key drivers of increasing prosperity, smartphone penetration and internet access across broad sections of the population. With its strong brand awareness and robust technology platform, Yatra is perfectly positioned to leverage the additional resources from this transaction to grow the business at an even faster pace going forward." The boards of directors of both TRTL and Yatra have approved the proposed transaction. Completion of the transaction, which is expected in October 2016, is subject to approval by TRTL stockholders and other customary closing conditions. Deutsche Bank Securities Inc. is acting as TRTL's capital markets advisor. Greenberg Traurig, LLP and Ellenoff Grossman & Schole LLP are representing TRTL. Goodwin Procter LLP is representing Yatra. Founded in 2006, Yatra.com says that it has more than 4 million customers and caters to both leisure travellers and business travellers. Yatra's current key investors include US and Indian venture capital firms and Indian strategic investors. The group will continue to own approximately a third or more of Yatra upon the consummation of the business combination.