New York: One of the last independent global strategy firms, Booz & Company, is selling out. Today it announced a conditional merger agreement to join professional services group PwC, the biggest of the Big Four. Financial terms were not disclosed.
"We have an unwavering commitment to helping our clients succeed. This has been our mantra since our founder, Edwin Booz, invented the management consulting profession almost 100 years ago," said Cesare R. Mainardi, CEO of Booz & Company.
"Our goal is to help clients identify and build the differentiating capabilities they need to win. This potential combination would not only deliver on this innovative value proposition, but would also help reinvent management consulting for the next century."
The Booz & Company partner vote is scheduled to take place in December and a further public announcement is expected by the end of the year.
Dennis Nally, Chairman of PricewaterhouseCoopers International, said, "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. One of the real strengths of PwC is the scope and quality of our services, giving us the ability to work with a wide range of stakeholders to build trust and solve important problems. Today's proposed merger would only add to that strength."
The proposed transaction is conditional on approval by Booz & Company partners, receipt of required regulatory approvals, and other customary closing conditions.
Until the results of Booz & Company's partner vote are known it will be business as usual, with both organizations staying fully focused on serving their stakeholders.
Booz & Company boasts 3000 professional staff in 57 offices around the world. It is joining the PwC behemoth which calls on 184,000 people across a network of assurance, tax and advisory services in 157 countries.
The proposed merger comes a decade after PwC was obliged to sell PricewaterhouseCoopers Consulting to IBM.