Travel company Mondee goes public by merging with SPAC Ithax in deal valued at around $ 1 billion

Mondee Inc., a travel company based in San Mateo, Calif., Goes public through a merger with Ithax Acquisition Corp. ITHX,
+ 0.31%,
an ad hoc acquisition company backed by the founder of Ithaca Capital and the management of Axia Ventures. The deal is valued at around $ 1 billion and is expected to close in the first half of 2022, when the combined company will be called Mondee and trade on the Nasdaq under the symbol “MOND”. The company was founded in 2011 by Prasad Gundumogula, who is its current CEO, and initially focused on the private airline ticket market. It has since expanded to offer hotels and cars, cruises and tours. The brands he owns include TripPro, Rocketrip, TripPlanet, TripPay, and UnPub. “Mondee’s vision is to transform the entire travel industry as it already provides ‘travel solutions in a box’ to a vast network of leisure travel agents, workers in the economy of concert, corporate groups and closed members, seamlessly connecting them to a vast pool of airline, hotel, package and ancillary content, ”Gundumogula said in a statement. The new company will have $ 241.5 million in cash from SPX and an additional $ 50 million in private equity investment, or PIPE, from investors such as Morgan Stanley Investment Management, Origami and ARCPE; the managers of the main private equity funds; strategic investors in travel and leisure such as Travco and Entertainment Benefits Group (EBG); and a diverse group of leading family offices in the United States and Europe. The proceeds will be used to pursue a merger and acquisition strategy.

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