Technology - Accenture partners vote for #8bn flotation.
Following the 'overwhelming' vote in favour of an initial public offering, the firm has filed a registration statement with the US Securities and Exchange Commission.
Following the ‘overwhelming’ vote in favour of an initial public offering, the firm has filed a registration statement with the US Securities and Exchange Commission.
It is believed the flotation could value the consultancy at up to $12bn (#8bn) which could net the 2,500 partners more than $4m each (#2.4m).
Joe Forehand, Accenture managing partner and CEO, said: ‘Our partners’ decision reflects our organisation’s commitment to enhance our long-term growth, strengthen our ability to deliver the highest-value solutions to our clients and continue to provide competitive rewards to motivate and attract the best people.’
Accenture’s shares will be offered by an underwriting syndicate led by Goldman Sachs and Morgan Stanley.
The announcement followed a period of uncertainty caused by turmoil in the stock markets.
KPMG Consulting floated its American arm back in February at an initial price of $18 (#12) a share, valuing it at $3bn (#2bn).
After an initial rise, the shares were yesterday trading at $13.41.
Accenture’s website can be found at www.accenture.com.