Kaleyra jumps on buyout deal with Tata Communications

Kaleyra

28/06/2023 14:58

** Shares of Kaleyra  KLR.N  spike ~40% to $6.67
    ** India's Tata Communications  TATA.NS  has agreed to buy
the mobile communications services co for about $100 mln in cash
    ** TATA will pay $7.25 per share for KLR, which had a market
cap of $63.4 mln as of last close
    ** KLR, setup in 1999 as Ubiquity, offers communications
services such instant messaging, push notifications and e-mail,
and reported $339.2 mln in revenue last year
    ** Upon closing of the deal, expected in six to nine months,
KLR will become a subsidiary of TATA - statement

 (Reporting by Yuvraj Malik in Bengaluru)
 ((yuvraj.malik@thomsonreuters.com))