Tata Consultancy Services Completes Acquisition of Citigroup Global Services

Tata Consultancy Services Completes Acquisition of Citigroup Global Services

Tata Consultancy Services (TCS) (BSE: TCS.BO, NSE: TCS.NS), a leading IT services, business solutions and outsourcing firm, announced that it has completed the acquisition of Citigroup Inc.’s interest in Citigroup Global Services Limited (CGSL), the India-based captive business processing outsourcing (BPO) for all cash consideration of $512 million.
Mumbai, India, December 31, 2008: Tata Consultancy Services (TCS) (BSE: TCS.BO, NSE: TCS.NS), a leading IT services, business solutions and outsourcing firm, announced that it has completed the acquisition of Citigroup Inc.’s interest in Citigroup Global Services Limited (CGSL), the India-based captive business processing outsourcing (BPO) for an all cash consideration of $512 million.
In addition to the sale, Citi has signed an agreement for TCS to provide process outsourcing services to Citi and its affiliates for an aggregate amount of US$ 2.5 billion over a period of 9.5 years. The acquisition broadens TCS’ portfolio of end-to-end IT and BPO services in the global Banking and Financial Services (BFS) sector.