Travel portal Yatra merger with Terrapin -3 worth $218 million

6 days ago | Published by : Avinash Nandakumar

July 14 :Online travel agency Yatra has entered into a merger agreement with Nasdaq-listed special purpose acquisition firm Terrapin 3 Acquisition Corp (TRTL), the two companies said in a statement today.

In a phased manner, the proposed merger values Yatra at $218 million. TRTL was founded by asset and hedge fund manager Nathan Leight and is co-sponsored by US-based Terrapin Partners, LLC and Macquarie Group, a global provider of banking, financial, advisory, investment and funds managements services.

The terms of the proposed merger suggest that the current shareholders of Yatra will continue to own at least 35% of the issued and outstanding shares in the combined company.

The first $100 million of cash will be allocated entirely to the combined company’s balance sheet and to pay transaction expenses, said the statement.

Any amount greater than $100 million available from TRTL will then be allocated 80% to current Yatra shareholders and 20% as cash to the combined company’s balance sheet.

Cash payments to current Yatra shareholders will be capped at $80 million, as per the agreement reached between merging partner

Founded in 2006, Yatra is one of the fastest growing online travel agencies and a consumer travel platform in India with over 4 million customers. The company was co-founded by Dhruv Shringi, who will continue to lead the merged entity with the rest of the management team.

Tags: #merger, #Terrapin-3, #Yatra