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August 23, 2010

PwC US to acquire Diamond Management

PricewaterhouseCoopers (PwC) US is to expand
its consulting arm by acquiring Diamond Management and Technology
Consultants.

The agreement will see PwC acquire the
outstanding common shares of Diamond for $12.50 per share, valuing
Diamond at $378m.

There has been a growing trend among the Big
Four to acquire niche consultancies and this is one of the largest
acquisitions of its type in the past few years.

Diamond provides management consulting
services to encourage company growth and increase investment
productivity.

Diamond president and chief executive Adam
Gutstein says the acquisition is an attractive all cash opportunity
for stockholders and will enable the firm to provide new and
enhanced capabilities to its clients.

“There’s a clear strategic fit between PwC’s
assets and aspirations and Diamond’s positioning,” Gutstein
commented.

The transaction is expected to close in the
fourth quarter of 2010 pending customary closing conditions,
including the approval of Diamond’s stockholders and antitrust
clearance.

Diamond has 500 consultants worldwide in
offices in Chicago, Hartford, New York, Washington DC, London and
Mumbai.

 

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