Indian online travel company Ixigo is making its first major international acquisition, acquiring a 60% stake in Spain's Online Travel Solutions, which operates online train ticket booking platform Trenes.com.
The deal, worth €11.7 million ($14 million), will also mark Ixigo's entry into Europe. Upon completion, Trenes will become a subsidiary of OTA India, Ixigo said in a filing to Indian stock exchanges late on Friday night. The company also has a contractual right to later purchase the remaining shares if certain conditions are met.
The same announcement also included a smaller acquisition of a 45.02% stake in Squad As Service (Sqaas), an early-stage technology and artificial intelligence company, for approximately €450,000 ($530,000).
The company said the investment will bring together Trenes’ customer base, brand news
