Ownership of Pramerica set to change hands

 

The ownership of Pramerica is set to change hands.

It's reported by Bloomberg this morning that India's Tata Consultancy Services Ltd. has agreed to acquire Pramerica from insurance giant Prudential Financial Inc.

TCS and the Newark, N.J.-based life insurer signed the agreement for the Letterkenny based tech-services business yesterday with some details still being worked out.

No cash will change hands and TCS will take on more than 1,500 Pramerica employees.