PwC: three steps to separate consultancy.
PricewaterhouseCoopers this week confidently told of a three-pronged strategy to separate from its consultancy arm, declaring it could do a deal ‘whenever it suits us’.
The Big Five firm recently announced it was resigning as the auditor of Accenture after the consultancy firm told of the ‘continuing competitive situation’ with PwC Consulting. Accenture had expected PwC to sell off its consulting arm to Hewlett Packard last year.
However, PwC this week said it was ‘on track’ to separate from its consulting arm by one of three means, ‘to be determined.’
A spokesman for the PwC Consulting, said: ‘The three possibilities include a third-party transaction, strategic investment or an initial public offering.
We are confident we are able to deliver the service our clients want, our growth and repeat business demonstrate that. Everything is in place including the management board.’
Since the failure of PwC to sell the division to Hewlett Packard last November the consulting arm has been forced to carry out two rounds of UK job cuts, the most recent being 330 voluntary redundancies announced last month.
PwC loses Accenture audit www.accountancyage.com/Practice/1126398.