PwC to float consulting arm
PricewaterhouseCoopers this afternoon announced its intention to float its consulting arm almost two years after a deal with Hewlett Packard failed.
The Big Five firm said it intends to file a registration statement for an initial public offering in the Spring.
The flotation comes two years after the firm announced its intention to separate its consultancy and audit divisions on the back of a crackdown on auditor independence by US watchdog, the Securities and Exchange Commission.
Earlier this week Tom O’Neill replaced Scott Hartz as head of PwC Consulting, in a move seen as precursor to the seperation of the two arms.
Observers view the move as a hasty attempt to divert attention away from the firm as US investigators probe Andersen over its role as auditor to Enron, the collapse energey giant.
More details to emerge soon.