PricewaterhouseCoopers Makes An Offer For Booz & Co.
PricewaterhouseCoopers said today that they have agreed to buy consulting firm Booz & Company. The financial terms of the deal was undisclosed. Booz & Company is expected to be one of PricewaterhouseCoopers’ largest acquisition over the last few years. The two companies are expected to review client matters and Booz partners will drop consulting assignments that conflict with existing auditing clients. Booz & Company partners are expected to vote on the deal in December.
PricewaterhouseCoopers reported over $32 billion in revenues during the 2013 fiscal year and analysts estimate Booz & Company’s revenues at around $1 billion.
PricewaterhouseCoopers has been ramping up their consulting arm over the last decade since they sold PwC Consulting to IBM for $3.5 billion in cash and stock around October 2002. Part of this is driven by PricewaterhouseCoopers’ acquisition of Diamond Management & Technology Consultants in November 2010.
“Our goal is to help clients identify and build the differentiating capabilities they need to win,” stated Cesare Mainardi, Booz & Company’s CEO. “This potential combination would not only deliver on this innovative value proposition but would also help reinvent management consulting for the next century.”