PracticeConsultingPwC to announce sale next month

PwC to announce sale next month

PricewaterhouseCoopers is to make a formal announcement next month that it has agreed to sell its consultancy wing to computer giant Hewlett-Packard, AccountancyAge.com has learned.

A senior US source at PwC today told AccountancyAge.com that the Big Five firm was ready to unveil details of the sale in the next couple of weeks.

The news confirms speculation that the two parties are close to agreeing a deal. Financial news service Bloomberg last week reported that HP was prepared to pay $17.5bn for PwC’s consulting business

It has been reported that senior executives at HP will need time to put together lucrative financial packages to prevent top PwC consultants leaving a buyer is found.

But HP will be keen to reach a written agreement so as to prevent other companies submitting rival bids.

The talks follow PwC’s decision in February this year to spin off its consultancy arm. Big Five accountancy firms have been under pressure from the US Securities & Exchange Commission to separate consulting and audit services to avoid so-called conflicts of interest.

Links

HP agrees fee for PwC consulting arm

HP in talks for PwC consulting business

£14bn bid for PwC consulting business

Hewlett-Packard confirms PwC talks

July deadline for split unrealistic, says PwC

PwC hints at July 1 deadline for split

PricewaterhouseCoopers turns on rival firms

PwC website

HP website

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