Online travel portal Yatra is merging with Terrapin 3 Acquisition Corp, to be listed on NASDAQ

Online travel portal Yatra is merging with NASDAQ listed Terrapin 3 Acquisition Corporation (TRTL) that values Yatra at an enterprise value of $218 million.

TRTL is formed for effecting a merger, acquisition, or similar business combination and had raised $212.75 million in its IPO in July 2014 and the combined entity will be listed on NASDAQ as Yatra (YTRA).

As per reports, MIHI LLC, an affiliate of Macquarie Capital, has committed to buy an additional $20 million of TRTL equity as part of the transaction and Yatra will continue to own at least 35 per cent of the issued and outstanding shares in the combined company.

In addition, existing shareholders of Yatra may receive additional consideration of up to $35 million upon the achievement of certain financial objectives during the 18 months.

Yatra, which was founded in 2006, will continue to be led by co-founder Dhruv Shringi.

Yatra customers booked more than 2.8 million air travel reservation and hotel stays with total transaction value worth more than $900 million during fiscal year ended March 2016 at a growth of 25 per cent.

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