PWC HAS ACQUIRED internationally recognised consultancy business Booz & Co.
The deal will bolster PwC’s revenues of $32bn and global workforce of 184,235 staff, according to its latest financial figures for the year ending 30 June 2013. Meanwhile Booz has about 3,000 staff including 130 partners worldwide, 15 of which are UK-based.
The deal must be approved by a partner vote at the consultants before the acquisition can become official, something that is expected later this year.
The acquisition is part of a growing trend which sees firms amalgamate consulting businesses, largely due to increased competition and a crack-down on other service lines such as audit and tax.
KPMG acquired specialist equity market advisory Makinson Cowell in April this year, while EY bought digital consulting specialists Greenwich Consulting in September.
According to the latest Top50+50 data consulting has increased exponentially to £2.3bn in 2013 from £1.7bn the previous year. The survey also highlighted that KPMG is currently leading the way with a consultancy fee income of £925m, followed by Deloitte’s £524m, PwC’s £438m and EY’s £416m.
Dennis Nally, chairman of PricewaterhouseCoopers International, said “We believe this proposed combination of Booz & Company with our existing assurance, advisory and tax capabilities would create a stand-out professional services organisation that delivers first class quality services to a broad range of stakeholders.
“In particular, it would give CEOs the opportunity to work with a global consulting team that could provide services from strategy development right through to execution.”
US-based Booz & Co was reportedly involved in several high profile deals including, the merger of the national and American football leagues in the 1970s and the creation of Deutsche Telekom after the reunification of Germany, according to CityAm.
The consultancy split from Booz Allen Hamilton, which focuses on US government consulting, in 2008. Booze Allen Hamilton became the subject of controversy recently, when former employee Edward Snowden leaked government secrets to the press.
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