European IT and BPO service firm Accelya Holding World SL is acquiring a 36% stake in software solutions provider Kale Consultants for Rs 97.5 crore ($21 million). The deal to buy the promoters stake in Kale, which specialises in travel industry, was struck at Rs 172 per share,
a 20% premium to its closing price on Thursday. The acquisition is likely to be followed by an open offer for another 20% as per SEBI norms.
The deal would make Accelya Group the world’s largest solution provider for back office processes related to the airline industry. The agreement is subject to governmental and regulatory approvals.
Kale had revenues of Rs 166 crore in FY10 as compared to Rs 145.7 crore in FY09 with net profit increasing to Rs 26.3 crore from Rs 17.3 crore in the same period. Vipul Jain, promoter of Kale, will continue as Managing Director and CEO of Kale. He will also play a strategic role in the Accelya Group and plans to invest in the group’s holding company.
Accelya has delivery centres in Spain, Mexico, South Africa, France, UK, Tunisia, Portugal and Hungary. The firm has processed more than 170 million airline tickets on behalf of the International Air Transport Association in 80 countries.