Two global consulting firms, PwC and Booz & Company, have announced plans to merge.
PwC and Booz & Co. said Wednesday they have signed a merger agreement, which is conditional on approval by Booz & Co. partners, regulatory approvals, and other customary closing conditions. The terms of the proposed transaction were not revealed.
The Booz & Co. partner vote is scheduled for December and a public announcement will follow by the end of the year. Until then, the firms say it will be business as usual for their existing businesses.
“We believe this proposed combination of Booz & Company with our existing assurance, advisory and tax capabilities would create a stand-out professional services organization 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,” said Dennis Nally, chairman of PricewaterhouseCoopers International.
“This potential combination would not only deliver on this innovative value proposition, but would also help reinvent management consulting for the next century,” added Cesare Mainardi, CEO of Booz & Co.
Management consulting firm Booz & Co. has 57 offices and 3,000 workers globally, while accounting giant PwChas more than 184,000 employees and a network of firms in 157 countries.