The firm has confirmed plans for the initial public offering of PwC Consulting, some 17 months after an $18bn deal collapsed to sell the division to Hewlett Packard.
It is understood the valuation of the business could now be a lot less than in the original deal, with one unnamed partner claiming a large number of clients have put work with the firm on hold until the divisions are separated.
The partner said: ‘A large amount of PwC Consulting work is on hold, and will only be freed up when the separation has taken place. A number have said they will go elsewhere unless the consulting business is split from the accounting firm.’
The firm was unable to comment on the accusations, as it is in a closed period.
The firm has filed a registration statement with the US Securities and Exchange Commission to float the company on the New York Stock Exchange under the name of PwC Inc.
IT giant Hewlett-Packard announced a shock withdrawal from the $18bn deal to buy the consulting arm of PwC in November 2000 after the company unveiled disappointing results. HP is now set to merge with Compaq.
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