Yatra scraps Ebix’s $337 million acquisition deal

India-based leading online travel company Yatra on Friday said, “It is terminating its pending acquisition agreement with Ebix.”

In a filing with the stock exchange, Yatra said, “The company has provided notice of termination of its pending merger agreement with US-based company Ebix Inc, and has filed litigation in the court of Chancery of the State of Delaware over the breaches of the merger agreement.”

“Yatra also holds Ebix accountable for breaches of its representation, warranties and covenants in the merger agreement and an ancillary extension agreement and seeks substantial damages,” the filing said.

Further adding to the filing, Yatra said, “Ebix had contacted breached material terms of the agreement and frustrated Yatra’s ability to close the transaction and obtain the benefit of Yatra’s bargain for its stockholders.”