Ixigo to acquire 60% stake in Spanish train booking platform Trenes | Company News

Travel aggregator Ixigo’s board of directors has approved the acquisition of 60 per cent stake in Online Travel Solutions (Trenes), Spain’s second largest train booking platform, for 11.70 million euros (over Rs 125 million).

The proposed acquisition will help strengthen Ixigo’s product, technology and AI leadership in the European OTA market; Trenes is engaged in the business of providing an online platform for train ticket bookings, primarily serving the Spanish market, with operations extending to some other parts of Southern Europe.

Following the acquisition, Online Travel Solutions, SL will become a subsidiary of Ixigo, the regulatory filing said late on Friday.

Ixigo’s board of directors also approved the acquisition of 45.02 percent shares of Squad As Service, SL, Spain (Sqaas) for a total consideration of 0.45 million euros (over Rs 4.83 billion).

The total consideration for both acquisitions includes non-compete fees and the authority to sign definitive agreements, subject to completion of procedural formalities and regulatory requirements in Spain.

Following the acquisition, Squad As Service, SL (Sqaas) will become a partner company of Ixigo.

Sqaas is in the business of providing technology-driven solutions, focusing on AI-powered software and related services.