Travel aggregator Ixigo’s board has approved the acquisition of a 60 per cent stake in Spain’s second-largest train booking platform Online Travel Solutions (Trenes), for 11.70 million euro (over Rs 125 crore).
The proposed acquisition will help leverage Ixigo’s product, technology and AI leadership in the European OTA market as Trenes is engaged in the business of providing an online platform for train ticket bookings, primarily catering to the Spanish market, with operations extending to certain other parts of Southern Europe.
Consequent to the acquisition, Online Travel Solutions, S.L. will become a step-down subsidiary of Ixigo, it stated in a late-night regulatory filing on Friday.
The board of directors of Ixigo also approved the acquisition of a 45.02 per cent stake in Squad As Service, S.L., Spain (Sqaas) for a total consideration of 0.45 million euro (over Rs 4.83 crore).
The total consideration for both acquisitions includes non-compete fees and authorisation of the signing of definitive agreements, subject to completion of procedural formalities and regulatory requirements in Spain.
After the acquisition, Squad As Service, S.L. (Sqaas) will become an associate company of Ixigo.
Sqaas is engaged in the business of providing technology-driven solutions, with a focus on artificial intelligence-enabled software and related services.
