Yatra terminates Rs 2,300-cr merger pact with US software firm Ebix

Demands substantial damages due to alleged breach of agreement

Online travel company Yatra has terminated its pending merger agreement with US-based software firm Ebix and filed litigation against it in the State of Delaware, seeking “substantial damages” for alleged breaches of terms of the pact.
 
Ebix had signed the agreement last year to acquire Gurugram-based Yatra Online for an enterprise value of $338 million (about Rs 2,327 crore) in an all-stock deal.
 
“The complaint seeks to hold Ebix accountable for breaches of its representations, warranties, and covenants in the merger agreement and an ancillary extension agreement, and seeks substantial damages,” Yatra said in a statement late Friday.