Suhani Skumar, O.P. Jindal Global University Introduction The reverse merger of Yatra Online, an online travel firm, and Terrapin 3 Acquisition Corporation, an American Special Purpose Acquisition Company (SPAC), is a leading case for cross-border mergers that depicts private Indian companies using externalization strategies to access global capital markets. The essay below addresses the legal and regulatory aspects of such complex mergers and how SPACs serve as a ‘shortcut’ and a ‘back door’...