Companies terminates pending merger pact with Ebix; files case in Delaware court

Our Bureau Mumbai | Updated on June 06, 2020

Online Travel Agency (OTA), on Saturday announced that it has terminated its pending merger with Ebix, Inc because the latter has allegedly "breached the agreement." futher announced that it had filed litigation against Ebix.

The litigation has been filed in the Court of Chancery of the State of Delaware over Ebix's breaches of the Merger Agreement, Yatra said.

Ebix Inc, is a US-based supplier of on-demand software and e-commerce services to the insurance, healthcare, financial and e-learning industries. In July 2019, it had announced that it has acquired Yatra Online Inc, for an enterprise value of ₹2,323.6 crore in an all-stock deal.

"The complaint seeks to hold Ebix accountable for breaches of its representations, warranties and covenants in the Merger Agreement and an ancillary extension agreement, and seeks substantial damages. As detailed in the complaint, Ebix's conduct breached material terms of the agreements and frustrated Yatra's ability to close the transaction and obtain the benefit of Yatra's bargain for Yatra's stockholders," it said in its regulatory filing.

Based in Gurugram, India, we are a one-stop-shop for all travel related services. Yatra provides information, pricing, availability, and booking facility for domestic and international air travel, domestic and international hotel bookings, packages, buses, trains, in city activities, inter-city and point-to-point cabs, homestays and cruises.

It provides real-time bookings for more than 108,000 hotels and homestays in India and over 1.5 million hotels around the world.

Published on June 06, 2020

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