Travel Services Company Yatra Scraps Merger Deal With US-Based Ebix

Ebix had agreed to buy Yatra for an enterprise value of $337.8 million in 2019.

Travel Services Company Yatra Scraps Merger Deal With US-Based Ebix

Travel services company Yatra Online Inc said on Friday it is terminating its pending merger agreement with US software firm Ebix Inc and filed a litigation over Ebix's breach of agreement terms.

Ebix had agreed to buy Yatra for an enterprise value of $337.8 million in 2019.

Yatra said it is seeking damages against Ebix for breaching terms of their merger agreement, including clauses on representations and covenants.

Ebix did not immediately respond to Reuters' request for comment.

Separately, Yatra said it has implemented certain cost-saving measures starting April, including cutting management salaries by half and freezing salary hikes to weather the impact of the COVID-19 pandemic on its business.