India’s online travel booking company, Yatra, said it is terminating its pending merger agreement with US software firm Ebix and filed litigation over Ebix’s breach of agreement terms. The Atlanta-based company had agreed to buy Yatra for an enterprise value of USD 337.8 million in 2019 in a move to strengthen its position in India’s hotel and flight ticketing market.
Yatra said it is seeking damages against Ebix for breaching terms of their merger agreement, including clauses on representations and covenants.
Separately, Yatra said it has implemented certain cost-saving measures starting April, including cutting management salaries by half and freezing salary hikes to weather the impact of the COVID-19 pandemic on its business.
(Source: Reuters)
