Deloitte closes BearingPoint practice buy
- By William Welsh
- May 08, 2009
Deloitte LLP has closed its purchase of BearingPoint’s North American Public Services practice, Deloitte officials said today.
The New York technology consulting company acquired BearingPoint’s public sector practice out of bankruptcy for $350 million cash in an arrangement announced in March.
BearingPoint, of McLean, Va., also made arrangements at the time to sell most of its North American commercial business, including its financial services unit, to PriceWaterhouseCoopers LLP for $25 million.
Kramer Levin Naftalis and Frankel LLP provided legal counsel to Deloitte in the matter, and Houlihan Lokey served as Deloitte’s financial advisor on the transaction, the officials said.
At the time of sale, BearingPoint had about 15,000 employees serving the public, commercial and financial services industries. About 4,250 BearingPoint employees were subsequently hired by Deloitte.
Deloitte is a unit of Deloitte and Touche USA LLP. The parent company ranks No. 51 on Washington Technology’s 2009 Top 100 list of the largest federal government prime contractors.
William Welsh is a freelance writer covering IT and defense technology.