PwC to Merge with Rival Booz
Accountancy giant PwC, formerly PricewaterhouseCoopers, has agreed to acquire smaller rival Booz & Co to expand its advisory business.
Under the deal, the terms of which were not disclosed, PwC will gain about 3,000 employees in 57 locations around the world with the deal. Booz partners are scheduled to vote on the transaction in December, according to a statement today from the two firms.
Booz was created after private equity firm Carlyle Group bought Booz Allen Hamilton Inc’s government-consulting unit in 2008. Carlyle completed an initial public offering of that business, Booz Allen Hamilton Holding Corp. (BAH), in 2010. PwC, whose US operations are based in New York, employs more than 184,000 people in 157 countries and reported about US$32bn in revenue for fiscal 2013.
In the statement the two firms stressed that pending the results of the Booz vote, “it will be business as usual, with both organisations staying fully focused on serving their stakeholders.”
Dennis Nally, chairman of PwC International, said that the union would give chief executives “the opportunity to work with a global consultung team that could provide services from strategy development right through to execution.”