Mellon Financial Corporation today announced that it is to sell the human resources consulting and outsourcing businesses of its Human Resources & Investor Solutions sector to Affiliated Computer Services.
The transaction, scheduled to be completed by the end of the second quarter of 2005, has been approved by the boards of both companies, subject to regulatory approval. Mellon will receive $445m (£231m) in cash.
“Mellon has made significant progress in repositioning the HR consulting and outsourcing businesses for improved profitability and growth. However, these businesses will benefit from ACS, an organisation devoted solely to the business process and information technology outsourcing industry,” said Mellon chairman Martin G McGuinn.