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Yatra acquires Air Travel Bureau Ltd

Yatra, the NASDAQ listed online travel company, has entered into an agreement to acquire Air Travel Bureau Ltd, which it says is India's largest independent corporate travel services provider, with gross bookings of Rs 1500 crores, and a client base of over 400 large and medium businesses across India. The boards of both companies have approved the acquisition, but the terms of the deal have not been disclosed. A statement from Yatra says it has agreed to assume ATB's debt, and acquire all its shares. Yatra said that "The first Closing to acquire majority of the outstanding shares is expected to occur by mid-August, 2017 and the second Closing is expected to occur in Q2 of the 2018 calendar year, subject to other customary closing conditions." ATB is a 30 year old company and claims that it can help companies save up to 20% of their corporate travel costs. That's the market that Yatra is looking at: in a statement, Yatra co-Founder and CEO Dhruv Shringi said that as a combined entity, "we are now the largest corporate travel services platform in India by Gross Bookings." For ATB, they'll also get access to Yatra's aggregation of hotels, which they can offer to their clients, according to ATB CEO Sunil Narain. In addition, they'll get Yatra's technology. According to ATB's website, they have their own online booking tool with web-fares, travel policy compliance tools, built-in trip authorisation and travel notifications, and a real-time view of travel spend for travel managers, apart…

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Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

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