Citigroup Sells Subsidiary to Wipro; Signs Outsourcing Agreement

Skadden is representing Citigroup in the sale — and related outsourcing agreement — of Citi Technology Services, its IT services and software development subsidiary in India, to Wipro, India's third largest outsourcing company.

The deal, announced on Dec. 23, includes the $127 million sale of the subsidiary and a $480 million outsourcing agreement for the delivery of technology and maintenance services to Citigroup from Wipro for six years.

The firm also represented Citigroup in the sale of its business processing outsourcing subsidiary, Citigroup Global Services, to Tata Consultancy Services for $505 million, announced in October 2008. In addition, Citigroup signed a services agreement whereby Tata will provide business process outsourcing services to Citigroup and its affiliates for approximately $2.5 billion over a period of 9-1/2 years.