Deloitte US has received bankruptcy court
approval to purchase BearingPoint’s North American public services
practice for $350 million. The purchase is expected to close in May
and involves the transfer of about 4,250 Bearing Point employees to
Deloitte.
Deloitte will acquire most of BearingPoint’s
assets associated with projects in its US federal practice, as well
as certain projects in areas such as health care, emerging markets,
state and local government services and education.
BearingPoint is a global management and
technology consulting company that originally formed out of KPMG
Consulting.
BearingPoint’s US company filed for voluntary
Chapter 11 bankruptcy protection on 18 February this year.
The consulting firm has also entered into a
definitive agreement with Pricewaterhouse-Coopers US (PwC), under
which PwC will acquire a significant portion of BearingPoint’s
North American commercial services business and associated global
delivery centres for $25 million.
That sale is expected to be completed on 30
June 2009 and is again subject to bankruptcy court approval.
PwC Japan was also set to buy BearingPoint’s
Japanese consulting business for $45 million this month.
