Tata Consultancy Services Acquires Citigroup Global Services (CGSL)
December 31, 2008
Tata Consultancy Services (TCS) acquired Citigroup Inc.'s interest in Citigroup Global Services Limited (CGSL), the India-based captive BPO for Citi, for roughly $505–$512 million. As part of the deal TCS signed a services agreement to provide process outsourcing to Citi and its affiliates worth about $2.5 billion over 9.5 years, expanding TCS's banking BPO capabilities and scale.
- Buyers
- Tata Consultancy Services (TCS)
- Targets
- Citigroup Global Services Limited (CGSL)
- Sellers
- Citigroup Inc.
- Industry
- IT Services
- Location
- India
- Transaction Type
- Buyout
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