Indian travel agency Yatra Online, Inc has entered into a merger agreement with Terrapin 3 Acquisition Corp (TRTL), a Nasdaq-listed special purpose acquisition firm, The transaction values Yatra at an enterprise value of $218 million (Rs 1,458 crore).

• As per the terms of the merger, the combined entity aims to be listed as YTRA on Nasdaq.The current shareholders of Yatra will hold at least 35% of the issued and outstanding shares in the new merged entity and $100 million cash will be allocated to its books. Shareholders of Yatra will get a maximum of $80 million in cash for now while they can also get additional amount of up to $35 million if certain business targets are met over the next one and half year.

• Yatra is one of the fastest growing consumer travel platforms and online travel agents in India with more than 4 million customers.

• Yatra customers booked more than 8 million air travel reservations and hotel stays with total transaction value worth more than $900 million (at current exchange rates) during their fiscal year ended March 2016, an increase of 25% from the prior year (at constant currency rates) with 74% of transactions coming from repeat clients who return to book more travel.

• The new entity will be led by Yatra co-founder & CEO Dhruv Shringi.

• Launched in August 2006, Yatra, through its yatra.com website, is a one-stop online shop for all travel-related services aimed at both leisure and business travelers in India.  A leading consolidator of travel products, Yatra provides reservation connectivity for more than 60,000 hotels in India, a larger network than any other Indian online travel agent.