BPO service provider Accelya Holding World S.L. today announced the closure of its open offer for 5,475,317 shares in Kale Consultants Limited, as of 7th December 2010. This open offer was at a price of Rs 172 per share and constitutes 34.39% of the shares of Kale Consultants Limited.
Accelya had entered into an agreement on 9th September 2010 with promoters of Kale Consultants to acquire the entire promoters’ stake which amounted to 35.61% of outstanding share capital of the company on a fully diluted basis. As per Takeover Regulations this triggered an open offer to buy a minimum of 20% from the public. However, Accelya decided to increase the size of the open offer to 34.39%. The offer has been oversubscribed upto 1.24 times and Accelya has acquired the shares tendered in the open offer on a prorata basis.
Currently, some regulatory approvals are pending, post which the transaction will be completed.
Accelya is a leading platform based BPO provider to the airline and travel industry in areas such as BSP Processing, Sales Audit, Business intelligence, e-invoicing and settlement, EDI and credit card management. It is headquartered in Spain, with delivery centers in Spain, Mexico, South Africa, France, UK, Tunisia, Portugal and Hungary. In 2009, Accelya processed in excess of 170+ million airline tickets on behalf of IATA in 80 countries. The acquisition of Kale will make Accelya Group the world’s largest solution provider for back office processes related to the airline industry. The Group will have a truly global presence with delivery centers in four continents across the world.
The synergies between the two companies will benefit all stakeholders. Both companies are end-to-end solution providers to the airline and travel industry, and the agreement will bring forth opportunities to leverage respective strengths to gain wider market share and efficiencies. Kale will be able to utilize Accelya’s global presence, and in turn will provide its specialist domain knowledge, technology expertise and software products to the partnership.