Online travel services company, Yatra Online Inc on Friday said that it is terminating its pending merger agreement with US software firm Ebix Inc and filed a litigation over Ebix’s breach of agreement terms.
The termination of one of the biggest M&As in the travel industry globally is said to be the after effect of the global pandemic which resulted in major corrections in the valuations of the companies in the marketplace.
With the deal termination, Yatra Online will now be filing huge damages from Ebix for breach of the deal agreement, the report said.
Ebix had agreed to buy Yatra for an enterprise value of $337.8 million in 2019 with an ambition to create the largest travel services platform in the country.
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