TCS to acquire Citigroup Global Services for $505 mn

Posted by Dave
October 8, 2008

livemint.com

IT major Tata Consultancy Services today said it will buy Citigroup Inc’s India-based outsourcing arm for an all cash deal of around $505 million.

TCS has signed an agreement with Citigroup Inc to acquire all of Citi’s interest in Citigroup Global Services Ltd, the company said in a release.
Citigroup Global Services Limited (CGSL) is the India-based captive business processing outsourcing arm of Citi.

In addition to the sale, Citi has also signed an $2.5 billion deal through which TCS will provide process outsourcing services to Citi and its affiliates over nine-and-a-half years.

Banking and Finance, IT, India, M&A

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