Mumbai, Sept. 10: Accelya Holding World SL, an European IT and BPO service provider, is acquiring a controlling stake in Kale Consultants.

Kale is a leading solutions provider to the airline and travel industries.

Accelya will buy the entire promoter holding of 35.61 per cent at Rs 172 per share, and an open offer is likely.

The acquisition of Kale for Rs 97.52 crore ($21 million) will make Accelya the world’s largest solution provider of back-office processes for the airline industry.

The purchase price is at a premium of nearly 21 per cent over the closing price of the Kale stock on Thursday. On the BSE, the scrip closed at Rs 142.70.

Kale Consultants today announced that Accelya Holding had signed an agreement with the promoters — Narendra Kale and Vipul Jain — to acquire their entire shareholding. The agreement is subject to government and regulatory approvals and is likely to trigger an open offer, the company said.

Vipul Jain will continue to be the managing director and CEO of the company. He will play a strategic role in the Accelya group and plans to invest in the group’s holding company, the statement said.

Jain told The Telegraph that the deal was done as it was felt that it would benefit both the customers and the shareholders of Kale Consultants.

“Everybody will benefit and moreover, there is continuity too.”

Jain said it was premature to say how much stake he would have in the holding company of Accelya.

According to Kale Consultants, the synergies between the two companies will benefit all stakeholders as both firms are end-to-end solution providers to the airline and travel industries.

The agreement will provide opportunities to leverage their respective strengths for a wider market share and greater efficiency. There will be no changes in the current management structure and product offerings at Kale, and the company will remain listed. The company ruled out job cuts.