Indian online travel agency Yatra Online Inc. has entered into a mutual confidentiality agreement with financial technology firm Ebix Inc.
The agreement allows the parties to begin due diligence and allows Yatra to further review and consider Ebix's proposal to acquire all of Yatra's outstanding stock for $7 per share on a debt-free basis.
Yatra's board is reviewing and considering Ebix's proposal. There is no assurance that a transaction will result from the process.
Ebix is a Georgia-based company that provides software and e-commerce services to the insurance, financial, healthcare and e-learning sectors.
Citigroup Global Markets Inc. is acting as financial adviser to Yatra and Goodwin Procter LLP is acting as legal counsel.