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Yatra Online Terminates Merger Deal With U.S.-Based Ebix Inc., Files Suit
In the recent past, an online travel company Yatra Online Inc decided to terminate its merger agreement with a company called Ebix Inc which is a software firm, based in the United States of America. Yatra Online Inc has also filed a case striving to get substantial damages from Ebix due to the breach of the said agreement. The merger agreement was that Ebix had signed to acquire Yatra Online Inc which is the parent company of the well known travel enterprise called Yatra.com for a total sum of Rs. 2300 crores in 2019.
Now, the company has terminated the pending merger agreement with the US based company and has filed a suit in the Court of Chancery of the State of Delaware stating that Ebix Inc was allegedly committing a breach of their merger agreement. Yatra Online Inc look forward to holding Ebix answerable for the noncompliance of its representations, warranties and bargain in the merger agreement. On the top of that, an additional extension agreement, seeking substantial damages. Yatra Online Inc stated that the conduct of the US based company was in contravention to the material terms of the agreement and eliminated Yatra’s ability to end the transactions and to get the profit of Yatra’s deal for Yatra’s stakeholders.
The further details of the case filed shall be discussed when the case is heard in the court but Yatra Online Inc is determined to get the damages to distribute its bargain among the stakeholders of the company.
The parent company of Yatra Online Inc is Yatra.com that is based in Gurugram, India. It is a major tech giant of the country in the field of providing online services to its clients, especially in the travel sector. It aims to provide various services, including domestic and international air ticketing, homestays, hotel bookings, offers and holiday packages, bus and rail ticketing and other additional services.
