KPMG Consulting acquires Andersen consulting partners, staff
- By Patience Wait
- Jun 26, 2002
KPMG Consulting Inc. announced June 26 it has signed a definitive agreement to hire approximately 140 partners and 1,400 professionals and staff members from the U.S. business consulting operation of Arthur Andersen LLP.
KPMG Consulting, based in McLean, Va., said it will pay approximately $63 million to complete the transaction.
The agreement has been in the works since KPMG Consulting's May 8 announcement it had signed a letter of intent to acquire up to 23 independent Andersen consulting units worldwide. The transaction is expected to close in July.
"We look forward to welcoming these skilled professionals into KPMG Consulting's family," said Rand Blazer, chairman and chief executive officer. "We anticipate that during the quarter ending in September this team could deliver approximately $65 million of additional net revenue."
"Becoming part of the leading systems integrator in the U.S. and helping KPMG Consulting capture new clients is an exciting opportunity," said Gail Steinel, managing partner of the Andersen U.S. business consulting practice.
KPMG Consulting has also signed definitive agreements to acquire Andersen consulting practices in Japan, Norway, Finland, Switzerland and Sweden. The company also has acquired significant portions of the business consulting units of member firms in Australia, Hong Kong and China.
Discussions to acquire business consulting practices of other Andersen member firms are continuing.