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October 30, 2013

PwC and global consultancy Booz & Co. to merge

PwC and global consultancy Booz & Co. have signed a conditional merger agreement, which is subject to Booz & Co.partners and regulatory approval.

The details of the transaction have not been revealed and Booz & Co’s 300 partners are to vote on the deal in December.
Booz & Co. has 3,000 staff in 57 offices worldwide and is reported to have earned about $1.4bn in revenues in 2012.

PwC global chairman Dennis Nally 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."

The Big Four firms have been making significant investments into their consultancy business in the past few years in order to keep growing their businesses as assurance services are hit by increasing regulatory and fee pressure.

Deloitte has been making significant investments globally and as a result took over PwC as the largest global accounting firm in 2013.

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