Terrapin 3 acquires Yatra for $218 million

Terrapin 3 Acquisition Corp, a Nasdaq-listed special purpose acquisition firm, has agreed to buy online travel and hotel bookings platform Yatra.com in a $218 million deal.

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.