Shares of Route Mobile witnessed an 8.5% decline as its promoters announced their decision to sell their entire 57.56% stake to the Proximus Group.

The acquisition, made through Proximus Opal, involved an initial cash consideration of Rs 5,922.4 crore (EUR 643 million) at a price of Rs 1,626.40 per share.

Additionally, Proximus Opal will make an open offer to acquire 26% of the increased voting share capital from public shareholders for Rs 2,675 crore at Rs 1,626.4 per share.

“The agreement consists of the acquisition by Proximus Opal of a controlling stake in Route Mobile from the founding shareholders of the company, followed by a reinvestment by some of the founding Route Mobile shareholders into Proximus Opal,” the stock exchange filing added.

After the acquisition, some of the founding shareholders of Route Mobile will reinvest in Proximus Opal. With this deal, the combined entity becomes the world’s third-largest communications platform-as-a-service (CPaaS) provider in terms of messaging volumes. Morgan Stanley served as the financial advisor to Proximus for this transaction.