New Delhi, February 14 Ixigo, a travel aggregator, has approved the acquisition of a 60% stake in Online Travel Solutions (Trenes), Spain's second-largest train booking platform, for €11.70 million (over ₹125 crore).
The proposed acquisition will allow Ixigo to leverage its product, technology, and AI leadership in the European Online Travel Agency (OTA) market, as Trenes is involved in providing an online platform for train ticket bookings, primarily catering to the Spanish market, with operations extending to certain other parts of Southern Europe.
Following the acquisition, Online Travel Solutions, S.L. will become a subsidiary of Ixigo, as stated in a late-night regulatory filing on Friday.
The board of directors of Ixigo also approved the acquisition of a 45.02% stake in Squad As Service, S.L., Spain (Sqaas) for a total consideration of €0.45 million (over ₹4.83 crore).
The total consideration for both acquisitions includes non-compete fees and authorization for signing definitive agreements, subject to the 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 involved in providing technology-driven solutions, with a focus on artificial intelligence-enabled software and related services.