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En route to an IPO, Ebix puts in a bid to buy Yatra

TRAI in-flight internet

US software company Ebix has offered to acquire 100% of the outstanding stock of travel company Yatra Online. Ebix, which provides software services for financial, healthcare, and insurance companies, intends to merge Yatra with its Indian EbixCash subsidiary. Ebix’s offer (made on March 11) for Yatra’s purchase stands at $7 per share, which is a premium of 84% on Yatra’s closing share price of $3.80 on March 8. Ebix will take on Yatra’s receivables, cash and restricted cash worth at least $25 million. It has given Yatra’s board until 18th March to accept the offer after which it can withdraw the offer. Ebix has acquired other travel companies including travel aggregator Via, SaaS travel company Zillous Solutions, luxury travel companies Mercury (in Mumbai) and Leisure Corp (in Delhi). Ever since its entry in the Indian market in May 2017, Ebix has,…

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