Shares in Yatra Online, Inc. (NASDAQ: YTRA) India’s largest corporate travel services provider and one of India’s leading online travel companies, moved downward on word it has entered into a definitive agreement, through its subsidiary, Yatra Online Limited, to acquire 100% of Globe All India Services Limited (Globe Travels), a premier Corporate Travel Services provider for INR 1280 million ($15.25 million U.S.) in cash.
Through this acquisition Yatra will gain Globe Travels’ portfolio of approximately 360 corporate customers and annual gross bookings of approximately $90 million. This strategic acquisition is expected to further solidify Yatra’s position as the leader in the corporate travel sector and marks a significant expansion of its corporate customer footprint in India. The transaction is expected to close within three months of the signing of the agreement, subject to certain closing actions and satisfaction of the conditions precedent as specified in the agreement.
Expanded Reach and Market Share: Yatra adds approximately 360 Globe customers to its current base of over 850 corporate clients through this acquisition, significantly expanding its leadership position and market share in the Corporate Travel segment in India. This increased customer base is also expected to enhance Yatra’s positioning with suppliers, allowing the Company to secure more favorable terms and deliver greater value to its clients.
Globe Travels is recognized for its robust capabilities in Meetings, Incentives, Conferences, and Exhibitions (MICE). Adding Globe Travels’ strong capabilities to Yatra’s recent organic MICE expansion will make Yatra one of the largest players in India in this fast-growing segment.
YTRA shares fell back seven cents, or 4.4%, to $1.51.
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