IBM acquiring PwC unit

PwC Consulting won't be going public after all.

New York accounting firm PricewaterhouseCoopers LLP announced July 30 it will sell its consulting wing to IBM Corp. of Armonk, N.Y., for $3.5 billion, rather than spin off the unit in a public stock offering.

PwC Consulting, a business consulting and technology services firm with 30,000 employees, had planned an August $1 billion IPO and had announced a name change to Monday, and a move of headquarters from New York to Hamilton, Bermuda.

The IBM purchase is subject to regulatory approval and approval of PwC Consulting partners, and is expected to be final at the end of September, the two companies said.

The addition of PwC Consulting would boost considerably IBM's federal information technology business. PricewaterhouseCoopers ranked No. 46 on Washington Technology's list of top 100 federal IT vendors for 2001, taking in $128.3 million in federal prime contracting dollars that year. The company had income of $7.5 billion for the fiscal year ended June 30, 2001, including government and services revenue of $1.14 billion.

IBM ranked no. 23 on Washington Technology's list this year with $291.2 million in federal prime contracting dollars in 2001.


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