NEW YORK and GURGAON, India, Dec. 13,
2016 /PRNewswire/ --
Terrapin 3 Acquisition Corporation (NASDAQ: TRTL, "TRTL")
announced today that TRTL's stockholders have voted to approve the
proposed business combination (the "Transaction") with Yatra
Online, Inc. ("Yatra"), which will result in TRTL becoming a
partially owned subsidiary of Yatra, and all of the funds retained
by TRTL after satisfaction of redemption requests becoming
available for use by Yatra. TRTL's board of directors previously
approved the Transaction. 82.86% of the outstanding shares entitled
to vote voted to approve the Transaction.
The Transaction is anticipated to close on or about Thursday, December 15, 2016. Upon closing, TRTL
will become a partially owned subsidiary of Yatra as of that same
date. Following the closing of the Transaction, the combined
company's common stock is expected to be listed on NASDAQ under the
ticker symbol "YTRA".
About Yatra
Yatra is one of the fastest growing consumer travel platforms
and the second largest online travel agency in India, one of the fastest growing economies in
the world. Founded in 2006 by venture capital firms and experienced
travel industry and technology executives, Yatra is a leading
consolidator of travel products. Yatra has India's largest hotel network of 61,000
hotels. With more than four million customers, Yatra has emerged as
the most trusted eCommerce travel brand in India, as ranked by The Economic Times. To
further accelerate its growth, Yatra has entered into a strategic
relationship with an affiliate of Reliance Industries Limited, one
of India's largest conglomerates,
in which Yatra's mobile app will be pre-installed on up to 35
million Reliance Jio LYF smartphones over the course of the next 36
months as Reliance launches one of India's largest 4G mobile networks.
About Terrapin and Terrapin 3 Acquisition Corporation
Terrapin directly invests in private equity and venture capital
transactions, and its affiliates oversee investments in alternative
asset managers, and engage in direct lending to new ventures and
established businesses spanning a wide variety of industries.
Terrapin transactions range in size from less than $1 million to more than $1.5 billion. Terrapin was established in
1997 and has offices in New York
City and Miami.
TRTL is a special purpose acquisition company ("SPAC") formed
for the purpose of effecting a merger, acquisition, or similar
business combination. TRTL was founded by Nathan Leight and was co-sponsored by affiliates
of Terrapin Partners, LLC and affiliates of Macquarie Group
Limited. TRTL is Mr. Leight's and the Terrapin team's third SPAC.
Terrapin's first SPAC became Great Lakes Dredge and Dock
Corporation, the nation's largest dredging company, in a
transaction of approximately $414
million. Terrapin's second SPAC became Boise Inc., the
nation's third largest paper company, in a transaction of
approximately $1.6 billion.
About Macquarie and Macquarie Capital
Macquarie Group ("Macquarie") is a global provider of banking,
financial, advisory, investment and funds management services.
Macquarie's main business focus is making returns by providing a
diversified range of services to clients. Macquarie acts on behalf
of institutional, corporate and retail clients and counterparties
around the world. Founded in 1969, Macquarie operates in more than
70 office locations in 27 countries. Macquarie employs
approximately 13,800 people and has assets under management of over
$377billion (as of September 30, 2016).
Macquarie Capital comprises Macquarie Group's corporate
advisory, capital markets and principal investing capabilities.
Macquarie Capital's expertise spans a variety of industry sectors,
including telecommunications, media, entertainment, gaming,
financial institutions, industrials, energy, resources, real
estate, infrastructure, utilities and renewables.
Safe Harbor Language
This press release includes certain forward-looking statements,
including statements regarding the expected effects on TRTL and
Yatra of the Transaction, the anticipated timing and benefits of
the Transaction, the anticipated standalone or combined financial
results of TRTL or Yatra, the anticipated future growth of Yatra or
the markets it serves, and all other statements in this document
other than historical facts. Without limitation, any statements
preceded or followed by or that include the words "targets,"
"plans," "believes," "expects," "intends," "will," "likely," "may,"
"anticipates," "estimates," "projects," "should," "would,"
"expect," "positioned," "strategy," "future," or words, phrases or
terms of similar substance or the negative thereof, are
forward-looking statements. These statements are based on TRTL's
and Yatra's managements' current expectations or beliefs and are
subject to uncertainty and changes in circumstance and involve
risks and uncertainties that could cause actual results to differ
materially from those expressed or implied in such forward-looking
statements. In addition, these statements are based on a number of
assumptions that are subject to change. Such risks, uncertainties
and assumptions include: (1) the satisfaction of the conditions to
the Transaction and other risks related to the completion of the
Transaction and actions related thereto; (2) the ability of TRTL
and Yatra to complete the Transaction on anticipated terms and
schedule, including the listing of Yatra's ordinary shares on the
NASDAQ Stock Market; (3) risks relating to any unforeseen
liabilities of TRTL or Yatra; (4) future capital expenditures,
expenses, revenues, earnings, synergies, economic performance,
indebtedness, financial condition, losses and future prospects;
businesses and management strategies and the expansion and growth
of the operations of Yatra; (5) the risk that disruptions from the
Transaction will harm Yatra's business; and (6) other factors
detailed in TRTL's reports filed with the U.S. Securities and
Exchange Commission (the "SEC"), including its Definitive Proxy
Statement filed on November 22, 2016,
under the caption "Risk Factors." Neither TRTL nor Yatra is
under any obligation to, and expressly disclaims any obligation to,
update or alter its forward-looking statements, whether as a result
of new information, future events, changes in assumptions or
otherwise, except as required by law.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/terrapin-3-acquisition-corporation-stockholders-approve-business-combination-with-yatra-online-inc-300377799.html
SOURCE Terrapin 3 Acquisition Corporation