Ogier advises ITHAX Acquisition Corp. on its business combination with Mondee Inc

Ogier's Cayman Islands team has advised ITHAX Acquisition Corp. (ITHAX), a special purpose acquisition company (SPAC), on its business combination with Mondee Inc., a high-growth, technology-first travel marketplace with a portfolio of leading global brands in the leisure, retail, and corporate travel sectors.

The business combination involved ITHAX re-domiciling as a Delaware corporation. As a result of the merger transactions, which closed on 18 July 2022, the combined company is now known as Mondee Holdings, Inc. (Mondee) and its Class A common stock and warrants trade on the Nasdaq Global Market under the ticker symbols “MOND” and “MONDW”, respectively.  

Mondee debuted on Nasdaq with a market capitalisation of approximately US$740 million and it will collect around US$77 million in funding from the transaction.

The Ogier team was led by corporate partner Bradley Kruger and associate Caroline Dekker.

Reed Smith was US legal counsel for ITHAX, and Kirkland & Ellis counselled Mondee Inc.

Bradley said: "We're delighted to have worked with ITHAX and offer our expertise on such a significant transaction. Despite volatile market conditions, it's great to see this and a number of other de-SPAC business combinations proceeding successfully."