GURGAON, INDIA, 27 July 2017: Yatra Online has entered into a definitive agreement, through its subsidiary, Yatra Online Private Limited to acquire Air Travel Bureau Ltd.
The Boards of Directors of both companies have approved the transaction according to the announcement last Tuesday.
ATB is India’s largest independent corporate travel services provider with gross bookings of INR15 billion mainly through 400 large and medium sized businesses across India.
The first closing, covering the acquisition of the majority of the outstanding shares, is expected to occur by mid-August, and the second closing should be completed by Q2 of the 2018 calendar year, subject to other customary closing conditions.
“This acquisition significantly strengthens our position in the large and growing corporate travel market in India,” said said Yatra Online Inc co-founder and chief executive officer Dhruv Shringi. “We believe that as a combined entity, we are now the largest corporate travel services platform in India by gross bookings.”
ATB has been a strong player in the corporate travel market in India over the last 30 years.
According to the agreement, Yatra has agreed to acquire all of the outstanding shares of ATB and assume its debt.
Yatra Online Inc is the parent company of Yatra Online Private Limited based in Gurgaon, India. It provides bookings for more than 65,000 hotels in India and more than 500,000 hotels around the world.
Launched in August 2006, Yatra was ranked the Most Trusted Online Travel Brand in India in the Economic Times’ Brand Equity Survey 2016, and won ‘First Prize – Domestic Tour Operator (Rest of India)’ at the India Tourism Awards held in July 2016.
For more information see Investor Relations section of the Company’s website at https://ir.yatra.com.
A partner in the Uniglobe network, ATB has been operational across India since 1962 as one of one of country’s leading corporate travel service providers. It has annual gross bookings of INR 15 Billion and specialises in corporate travel management, MICE operations and leisure tourism, employing more than 700 travel experts.
For more information, visit http://www.uniglobeatb.com/.