OYO terminates acquisition talks with ZO Rooms

Hospitality firm OYO on Friday said it has called off all discussions on acquiring online budget accommodation aggregator ZO Rooms.

OYO said that in late-2015 it had explored a potential acquisition of ZO Rooms and the non-binding term sheet for that deal was terminated in September 2016.

"Following this, we tried to identify potential value in their business but could not reach an outcome. We can now confirm that OYO has ended all discussions on the matter," the company said in a statement.

OYO had last month raised $250 million (over Rs 1,600 crore) in a fresh round of funding led by SoftBank Vision Fund, Sequoia India, Lightspeed Venture Partners and Greenoaks Capital and Hero Enterprise.

OYO operates in more than 230 cities across India, Malaysia and Nepal.