Tata Communications Limited (NSEI : TATACOMM) entered into a definitive agreement to acquire Kaleyra, Inc. (NYSE : KLR) for $90.8 million on June 28, 2023. The offer price is $7.25 cash per share. Upon termination, Tata Communications will pay termination fee of $5 million. Kaleyra's board of directors have approved the transaction unanimously. Both companies' boards of directors have approved the acquisition but it remains subject to approval by Kaleyra's stockholders, as well as regulatory approvals and other customary closing conditions. The transaction is expected to close in six to nine months, with Kaleyra becoming a subsidiary of Tata Communications.

Robert B. Stebbins and Sean M. Ewen of Willkie Farr & Gallagher LLP acted as legal advisor of Kaleyra and James A. Hutchinson, Joshua M. Zachariah and Jean A. Lee of Goodwin Procter LLP acted as legal advisor of Tata. Northland Securities provided fairness opinion to Kaleyra. Lazard Freres & Co. LLC acted as financial advisor of Tata.