Shares of Tata Consultancy Services (TCS) gained over 1% on Tuesday after India’s largest IT services provider signed a five-year deal with Porsche AG valued at €1.25 billion ($1.45 billion) and acquired the German automaker’s IT arm, MHP, for €320 million ($373.4 million) in an all-cash transaction.
The acquisition is expected to be completed within three-four months, subject to necessary approvals. The deal marks a significant expansion of TCS’ partnership with the German luxury carmaker.
