Citigroup to Sell Outsourcing Business to Tata

Skadden is representing Citigroup Inc. in the approximately $505 million sale of its subsidiary Citigroup Global Services Ltd., an India-based business outsourcing provider, to Tata Consultancy Services Ltd. The transaction was announced Oct. 8. In addition, Citigroup has signed a services agreement whereby Tata will provide, through the newly acquired entity, business process outsourcing services to Citigroup and its affiliates in an aggregate amount of approximately $2.5 billion over a period of 9 1/2 years.