The Volvo Group has entered a final agreement with HCL Technologies for the sale of its external IT operation and the operation of its IT infrastructure. The transaction is expected to be implemented on March 31, 2016, following the fulfillment of certain conditions and will entail both sustained cost savings and a capital gain corresponding to SEK 900 M. The capital gain will have a positive impact, in a corresponding amount, on the Volvo Group’s operating income and financial net debt in the first quarter of 2016.
In October 2015, the Volvo Group announced that it intended to divest its external IT operation and outsource the operation of its IT infrastructure to HCL Technologies, a global IT supplier with extensive experience in industry-wide deliveries to major international companies.
The capital gain will be recognized in the segment for Corporate Functions, Group Functions and Other.
