TCS acquires Postbank Systems from Deutsche Bank AG
Tata Consultancy Services (TCS) said on Friday it has completed the acquisition of 100 per cent shares of Postbank Systems (PBS) from Deutsche Bank AG. PBS is an IT service company that provides project management, application management and infrastructure support services to Postbank and other subsidiaries of Deutsche Bank. PBS has 1,500 employees across nine locations in Germany. TCS had announced to acquire Postbank Systems in November through its subsidiary Tata Consultancy Services Netherlands BV. “The acquisition was to be completed by year-end 2020 subject to customary regulatory and governmental approvals. This is to inform you that the aforesaid acquisition of Postbank Systems AG has been completed today,” TCS said in regulatory filings at stock exchanges. The transaction will see the employees of PBS become a part of Mumbai-based IT software major. In an earlier statement, TCS had said 100 per cent of the shares will be acquired by TCS Netherlands BV and the estimated transaction value at a symbolic one euro.
Reliance Infra sells Delhi-Agra toll road to Cube Highways
Anil Ambani-led Reliance Infrastructure Ltd on Friday announced successful completion of 100 per cent stake sale in the Delhi-Agra toll road to Cube Highways and Infrastructure III Pte Ltd for an enterprise value over Rs 3,600 crore. The entire sale proceeds are being utilised for debt reduction. R-Infra said it has reduced its total debt liabilities by about 20 per cent from the deal proceeds from Rs 17,500 crore to Rs 14,000 crore. The deal was announced in March 2019 with the signing of a definitive binding agreement between R-Infra and Cube Highways. “This has now been completed with transfer of shares of the DA Toll Road Pvt Ltd and receipt of sale consideration,” R-Infra said in a statement. Cube Highways and Infrastructure III Pte Ltd is a Singapore-based company formed by Global Infrastructure Fund I Squared Capital and a wholly-owned subsidiary of the Abu Dhabi Investment Authority.