TCS bags $1.45 billion Porsche deal, acquires carmaker's IT arm for $373 million

Tata Consultancy Services Ltd is acquiring Porsche AG’s IT subsidiary, MHP, for $373 million. In exchange, the carmaker awarded TCS a five-year IT modernization deal worth $1.45 billion. This major win helps the firm boost revenue after its first full-year revenue fell since 2004. TCS expects to complete the purchase soon.