TCS gains after buying French IT firm Alti
TCS has signed definitive agreements for the acquisition of 100% stake in Alti SA, an IT services company in France, for a value of 75 million Euro in an all-cash transaction.
Tata Consultancy Services (TCS) has moved higher by 2% to Rs 1,510 in noon deals after country's biggest software services provider said it will acquire France-based enterprise solutions provider Alti SA for 75 million Euro (about Rs 533 crore) in an all-cash deal.
“The company has signed definitive agreements for the acquisition of 100% equity shares in Alti SA, an IT services company in France, for a value of 75 million Euro in an all-cash transaction,” TCS said in BSE filing.
“The acquisition of Alti SA will help company serve its clients in France and across Europe more comprehensively with an expanded set of services and solutions, bringing the best of TCS to French corporations,” said N Chandrasekaran, Managing Director and CEO, TCS.
The stock opened at Rs 1,480 and touched high of Rs 1,511 on NSE. A combined 320,716 shares have changed hands on the counter till 1220 hours on NSE and BSE.
“The company has signed definitive agreements for the acquisition of 100% equity shares in Alti SA, an IT services company in France, for a value of 75 million Euro in an all-cash transaction,” TCS said in BSE filing.
“The acquisition of Alti SA will help company serve its clients in France and across Europe more comprehensively with an expanded set of services and solutions, bringing the best of TCS to French corporations,” said N Chandrasekaran, Managing Director and CEO, TCS.
The stock opened at Rs 1,480 and touched high of Rs 1,511 on NSE. A combined 320,716 shares have changed hands on the counter till 1220 hours on NSE and BSE.