PwC purchases US consultants Diamond for $378m
PwC's US firm purchases strategy and IT consultants Diamond
PwC’s US firm is set to buy
Diamond
Management & Technology Consultants for $378m (£245m).
The strategy and IT consultancy firm will merge into PwC’s advisory practice.
PwC paid the equivalent of $12.50 a share for the firm, a 31% premium on its 23
August closing price.
The transaction, unanimously approved by both companies’ boards, is expected
to close in Q4 2010, subject to customary closing conditions, including the
approval of Diamond’s stockholders and antitrust clearance.
“There’s a clear strategic fit between PwC’s assets and aspirations and
Diamond’s positioning,” said Adam Gutstein, president and CEO of Diamond.
Further reading:
Big
Four make plans for growth in consulting