Terrapin acquires Yatra Online for $218 mn
The Indian travel agency Yatra Online which has been founded in 2006 and emerged as the fastest growing consumer travel platforms and online travel agents in India with more than 4 million customers has been entered into a merger agreement with a Nasdaq-listed special purpose acquisition firm Terrapin 3 Acquisition Corp (TRTL). The transaction values Yatra at an enterprise value of $218 million (Rs 1,458 crore). However, the combined company will continue to be led by Yatra's experienced management team under the leadership of chief executive and co-founder Dhruv Shringi.
Yatra said that it intends to be listed on the U.S. stock exchange Nasdaq under the symbol ‘YTRA’. It would be able to do this via a reverse merger, a way for private companies to go public, typically through a cost-efficient and expedient process. In a typical reverse merger, an active private company takes control and merge with a dormant public firm or a shell company. The company also stated that the transaction gave the firm substantial additional resources to support growth and improve online and mobile platforms. This included further expanding its network of domestic and international partnership with hotels, airlines and tour package promoters.
So let's discuss some questions related to this post:
1. Name the company which has been acquired by the Terrapin 3 Acquisition Corp?
2. Who is the CEO of Yatra Online?