US-based Ebix on Wednesday announced that it was acquiring Nasdaq-listed travel portal Yatra for an enterprise valuation of $337.8 million (over Rs 2,300 crore) through a merger.

The transaction will create India’s largest travel services platform.

Robin Raina-led Ebix already has two travel portfolios — Via and Mercury — which operate globally and has made various acquisitions in the past.

In April 2018, Ebix bought the forex card business of the Centrum group — Centrum Direct — for around Rs 1,200 crore. Ir was merged with EbixCash, an end-to-end financial exchange of the acquirer. Centrum Direct is into forex, overseas remittances, prepaid travel cards and travellers’ cheques and has a network of 165 outlets in 55 cities. It is also the largest airport forex player with presence in 24 airports.

Raina said, “The acquisition of Yatra would lend itself to significant synergies and the emergence of EbixCash as the country’s largest and most profitable travel services company, besides being the largest enterprise financial exchange.”

The agreement offers Yatra shareholders the opportunity to participate in the significant upside potential of one of the fastest growing multinational on-demand software and e-commerce services companies in the world, Dhruv Shringi, co-founder and chief executive of Yatra Online, said.

Shareholders of each ordinary share of Yatra will be entitled to receive 0.005 shares of a new class of preferred stock of Ebix, the statement said, adding each share of these preferred stock of Ebix will be convertible into 20 shares of common stock of the US firm.