Pricewaterhouse to buy consulting firm Booz
Accounting giant PricewaterhouseCoopers said Wednesday it has reached a deal to buy business consultancy Booz & Company.
PwC did not reveal the financial terms of the acquisition, which will boost its advisory business.
Dennis Nally, chairman of PricewaterhouseCoopers International, said it would give chief executives "the opportunity to work with a global consulting team that could provide services from strategy development right through to execution."
PwC, headquartered in London, focuses on audit and assurance, tax and consulting services.
Booz partners are set to vote on the proposed deal in December. The transaction is subject to regulatory approvals.
PricewaterhouseCoopers, which operates in 157 countries, posted more than $32 billion in revenue for the fiscal year ended June 30.
The giant company was created in the 1998 merger of Price Waterhouse and Coopers & Lybrand.
Booz & Company is named for founding partner Edwin Booz, who established the first management consulting business in 1914.
The private company, which employs more than 3,000 people in 57 offices worldwide, offers a range of consultancy services including strategy, financial restructuring and merger planning and integration.
"This potential combination would not only deliver on this innovative value proposition but would also help reinvent management consulting for the next century," said Booz chief executive Cesare Mainard.
"One of the real strengths of PwC is the scope and quality of our services, giving us the ability to work with a wide range of stakeholders to build trust and solve important problems," said Nally.
"Today's proposed merger would only add to that strength."