IT services giant EDS and HR consultancy Towers Perrin have officially completed the £220m deal that created their new joint HR outsourcing business, ExcellerateHRO.
On 18 January, the two companies announced their intention to create a new company to deliver a comprehensive range of HR outsourcing services.
EDS paid Towers Perrin £220m, and will own 85% of the new company. Towers Perrin will own the remaining 15%.
ExcellerateHRO combines Towers Perrin’s administration solutions business, which provides pension and health and welfare administration services, and EDS’ existing payroll and related HR outsourcing business.