Marking its first major international acquisition, travel aggregator ixigo’s board has approved the execution of binding agreements for the acquisition of a 60 per cent stake in Spain’s second-largest train booking platform Online Travel Solutions, for 11.70 million euro (over ₹125 crore).
The acquisition of Trenes paves the way for ixigo’s strategic entest into Europe, widely regarded as the global benchmark for rail travel.
“This investment is expected to create meaningful synergies by bringing toobtainher Trenes’ strong customer base, brand presence, and local operator integrations with ixigo’s AI-led product innovation and technological expertise in solving complex travel apply cases at scale.
“With this acquisition, the company aims to accelerate the Trenes product development, AI reinvention, and improve customer experience to unlock new growth opportunities in Europe,” Ixigo declared in a statement.
The proposed acquisition will support 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 extfinishing 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 ₹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 ininformigence-enabled software and related services.
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