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Booz & Co Weds PwC And Changes Its 100 Year Old Name In The Process
PwC has completed its acquisition of Booz & Company as the accounting powerhouse looks to strengthen its consulting arm.
PwC has completed its
acquisition of Booz & Company as the accounting powerhouse looks
to strengthen its consulting arm.
The deal - announced at the end of last year - brings together
two of the largest professional services firms in the world. As
part of the integration Booz & Company will change its name to
Strategy&. PwC's consulting business brings in nearly a third
of its revenue and is growing faster than its core auditing
business.
“Today signifies an important step for PwC, our clients and
stakeholders,” said Dennis Nally, Chairman of
PricewaterhouseCoopers International.
Partners at Booz approved the deal in December, and "a
significant majority" of the partners have formally joined PwC,
Mr. Nally said. The deal also has all necessary regulatory
approvals. Financial terms of the deal haven't been
disclosed.
Booz will add to PwC's $9.2 billion in global consulting revenue
in 2013, which was 28.5 per cent of its $32.1 billion in total
global revenue. PwC's consulting revenue rose 7.6 per cent at
constant exchange rates in 2013 over the previous year, compared
with only 1.4 per cent for audit revenues.
PwC has over 184,000 employees worldwide and is one of the
largest international accounting firms, while Booz has around
3,000 employees according to the latter company’s website.
Booz & Co is a firm whose origins date back to the start of
the First World War in 1914.
