Tata Consultancy Services (TCS) today announced that it has completed the acquisition of Citigroup Global Services (CGSL) for 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 agreement amount of $2.5 billion over a period of 9.5 years, the company said in a filing to Bombay Stock Exchange (BSE).
“The acquisition gives us the ability to offer an end-to-end, domain-led third party solution for business operations to our large financial clients,” said N Chandrasekaran, COO and executive director, TCS.