GURGAON, India and NEW YORK, July 23,
2017 /PRNewswire/ --
Yatra Online, Inc. ("Yatra" or the "Company") (Nasdaq: YTRA
and OTCQX: YTROF) today announced that it has entered into a
definitive agreement, through its subsidiary, Yatra Online Private
Limited, under which it will acquire Air Travel Bureau Ltd.
("ATB"), which is India's largest
independent corporate travel services provider with Gross Bookings
of INR 15 Billion generated through a diverse client base of over
400 large and medium sized businesses across India.
(Logo:
http://mma.prnewswire.com/media/538225/Yatra_Logo.jpg )
"This acquisition significantly strengthens our position in the
large and growing corporate travel market in India. We believe that as a combined entity,
we are now the largest corporate travel services platform in
India by Gross Bookings. This
acquisition will allow us to deliver best-in-class experiences to
an even wider set of travelers, through our web and mobile app
platforms and enhance our reach to cross-sell our entire product
suite, including hotels, to this customer base," said Dhruv
Shringi, Co-Founder and Chief Executive Officer, Yatra Online,
Inc. "We look forward to welcoming the ATB team to
the Yatra family."
"ATB has built a very strong presence over the last 30 years in
the corporate travel space," said Sunil Narain, Chairman and
Chief Executive Officer, ATB. "We're excited for ATB to
join the Yatra family and for our teams to work together
to further enhance the offerings we provide to our customers and
partners by leveraging Yatra's technology platform and large hotel
network."
The Boards of Directors of both companies have approved the
transaction. The first Closing to acquire majority of the
outstanding shares is expected to occur by mid-August, 2017 and the
second Closing is expected to occur in Q2 of the 2018 calendar
year, subject to other customary closing conditions.
Pursuant to the terms of the definitive agreement, Yatra has
agreed to acquire all of the outstanding shares of ATB and assume
its debt.
Yatra Online, Inc. Conference Call
Yatra Online, Inc. will host a conference call to discuss
the transaction on Monday, July 24, 2017 at 8:30
a.m. Eastern Time / 6:00 p.m. Indian Standard Time.
Dial-in details for the live conference call:
U.S./International dial-in number: +1 (719) 325-4837
Conference ID: 2170652 (Callers should dial in 5-10 minutes
prior to the start time and provide the operator with the
conference ID number)
Dial-in details for the replay: A telephone replay will be
available for five days following the conclusion of the conference
call.
U.S./International dial-in number: +1 (719) 457-0820
Conference ID: 2170652
This replay can also be accessed through the Investor Relations
section of the Company's website at https://ir.yatra.com.
Safe Harbor Statement
This release contains certain statements concerning the
Company's future growth prospects and forward looking statements,
as defined in the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are based on the Company's current expectations,
assumptions, estimates and projections about the Company and its
industry. These forward-looking statements are subject to various
risks and uncertainties. Generally, these forward-looking
statements can be identified by the use of forward-looking
terminology such as "anticipate," "believe," "estimate," "expect,"
"intend," "will," "project," "seek," "should" and similar
expressions. Such statements include, among other things,
management's beliefs as well as our strategic and operational
plans. Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those contained in any
forward-looking statement. Potential risks and uncertainties
include, but are not limited to, the slow-down of economic growth
in India and the global economic
downturn, general declines or disruptions in the travel industry,
volatility in the trading price of our shares, our reliance on our
relationships with travel suppliers and strategic alliances,
failure to further increase our brand recognition to obtain new
business partners and consumers, failure to compete against new and
existing competitors, failure to successfully manage current growth
and potential future growth, risks associated with any strategic
investments or acquisitions, seasonality in the travel industry in
India and overseas, failure to
successfully develop our corporate travel business, damage to or
failure of our infrastructure and technology, loss of services of
our key executives, and inflation in India and in other countries. These and other
factors are discussed in our reports filed with the U.S. Securities
and Exchange Commission. All information provided in this release
is provided as of the date of issuance of this release, and we do
not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
About Yatra Online, Inc. and Yatra.com
Yatra Online, Inc. is the parent company of Yatra Online Private
Limited ("Yatra" or "Yatra.com"), a leading online travel
company.
Based in Gurgaon, India, Yatra
is a one-stop-shop for all travel-related services. A brand that
believes in "Creating Happy Travelers," Yatra provides information,
pricing, availability, and booking facilities for domestic and
international air travel, domestic and international hotel
bookings, holiday packages, buses, trains, in-city activities,
inter-city and point-to-point cabs. As a leading consolidator of
accommodation options, Yatra provides bookings for more than 65,000
hotels in India and more than
500,000 hotels around the world.
Customers can access Yatra in multiple ways: through a
user-friendly website (http://www.yatra.com ), mobile optimized WAP
site and applications, a multilingual call center and a network of
Holiday Lounges.
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.
About ATB
The largest partner by gross bookings in the UNIGLOBE network and
operational since 1962, ATB is one of India's leading corporate travel service
provider. With annual Gross Bookings of INR 15 Billion, ATB
specializes in corporate travel management, MICE operations and
leisure tourism. With a proven track record of 54 years and all
India presence, ATB's 700+ travel
experts enable employees from more than 400 large and medium sized
businesses to travel across the globe. For more information,
visit http://www.uniglobeatb.com/ .
For further information, please contact:
Manish Hemrajani
Yatra Online, Inc.
VP, Head of Investor Relations
Manish.hemrajani@yatra.com
+1-646-875-8380
SOURCE Yatra Online, Inc.