Tata Communication slips 4% on acquisition plan of US-based Kaleyra

Shares of Tata Communication slipped 4 per cent to Rs 1,515.50 in Friday’s intra-day trade, after the company announced it will acquire US-based Kaleyra at an equity value of $100 million (Rs 820 crore).

Tata Communications, a global digital ecosystem enabler, said it has entered into a definitive agreement to acquire Kaleyra, Inc to empower global enterprises to offer personalised experiences to their customers.

The deal is subject to approval by Kaleyra’s stockholders, certain regulatory approvals, and other customary closing conditions. Upon closing of the transaction, expected in six to nine months, Kaleyra Inc. will become a subsidiary of Tata Communications, the company said.