NEW DELHI: Online travel firm Yatra Online has acquired corporate travel services provider Air Travel Bureau for an undisclosed amount.
The company has entered into a definitive agreement through its subsidiary, Yatra Online Pvt, to acquire Air Travel Bureau (ATB), Yatra Online said in a statement today.
The boards of both companies have approved the transaction, it added. The company, however, did not disclose the deal value.
Yatra Online co-founder and CEO Dhruv Shringi said this acquisition significantly strengthens the company's position in the large and growing corporate travel market in India.
"We believe that as a combined entity, we are now the largest corporate travel services platform in India by gross bookings," he added.
Pursuant to the terms of the definitive agreement, Yatra has agreed to acquire all outstanding shares of ATB and assume its debt, the statement said.
"We're excited for ATB to join the Yatra family and for our teams to work together to further enhance the offerings we provide to our customers and partners by leveraging Yatra's technology platform and large hotel network," ATB Chairman and CEO Sunil Narain said.
ATB has built a very strong presence over the last 30 years in the corporate travel space, he added. Yatra Online is the parent company of the Gurgaon-based Yatra Online Pvt, a leading online travel firm.