Why Kaleyra (KLR) Stock Is Popping Wednesday

Kaleyra, Inc. KLR shares are trading higher on Wednesday after Tata Communications Limited announced it has entered an agreement to acquire the company.

The Details:

Tata Communications has agreed to acquire Kaleyra for $7.25 per share for a total consideration to Kaleyra shareholders of approximately $100 million and the assumption of all outstanding debt.

Dr. Avi Katz, chairman of the board of directors of Kaleyra, commented, "This transaction represents a significant premium to the last closing share price and delivers significant value creation to all Kaleyra stakeholders. We are excited about the next chapter of the Kaleyra journey."

Kaleyra, Inc. provides mobile communications services to financial institutions, software and e-commerce companies, retailers and healthcare providers worldwide.

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KLR Price Action: According to Benzinga Pro, Kaleyra shares are trading nearly 40% higher at $6.69 at the time of publication.

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