STUTTGART (dpa-AFX) - Monday, Porsche AG (P911.DE) announced an agreement to sell its management and IT consultancy MHP to India-based Tata Consultancy Services Limited (TCS.NS).
The decision is part of the company's Sportwagenschmiede 35 strategy, helping it to focus on its core business, advance its digital transformation and tap into additional potential across the entire value chain.
At the same time, Porsche and TCS, together with MHP, plan to establish a partnership focused on digital solutions and artificial intelligence to accelerate the development, scaling and integration of AI applications across key business areas.
With this transaction, expected to finalize in the coming months, TCS plans to acquire MHP in its entirety as a group of companies.
Following the deal, MHP, which employs over 4,500 people worldwide, will become a part of TCS while continuing to operate as an independent consultancy under its existing name. Also, Porsche and MHP will continue their long-standing and successful collaboration following the change of ownership.
Porsche's stock was trading at 44.26 euros, down 0.36 percent on the Frankfurt Exchange.
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