Gurugram-headquartered Yatra has acquired corporate travel service provider Air Travel Bureau (ATB) for an undisclosed amount. The acquisition strengthens Yatra’s presence in India’s burgeoning corporate travel sector.
The deal, which has already received the approval of the Board of Directors of both companies, will take place through Yatra Online Inc.’s subsidiary Yatra Online Pvt. Ltd.
The details of the transaction were made public during a conference call earlier today.
Commenting on the new partnership, Yatra Online co-founder and CEO Dhruv Shringi said, “We believe that as a combined entity, we are now the largest corporate travel services platform in India by gross bookings. This acquisition will allow us to deliver a best-in-class experiences to an even wider set of travellers, through our web and mobile app platforms and enhance our reach to cross-sell our entire product suite, including hotels, to this customer base.”
As part of the deal, Yatra will be taking over all of ATB’s outstanding shares and debt. The first part of the transaction will be closed by mid-August 2017. The second phase will reportedly be concluded by the second quarter of 2018.
Air Travel Bureau (ATB) is a partner in the UNIGLOBE network. It is a corporate travel service provider established in 1962. It currently operates in operates in eight locations in India including Delhi, Bengaluru, Chennai, Gurugram, Hyderabad, Kolkata, Mumbai, and Pune. It has a workforce of more than 700 employees, and claims to have a client base consisting of 400 large and medium-sized businesses.