The Daily Telegraph reports that the deal will see PwC take control of the partnership - whose clients include BP, Thomas Cook and NYSE Euronext - as it aims to take the lead in continued consolidation in the consulting sector.
The deal has been billed as a 'merger’ by the two entities, despite the fact that PwC’s global annual revenues of $32.1bn dwarfs Booz’s $1bn.
It will see PwC subsume Booz’s more than 3,000 employees into its global consulting arm. Although the value of the 'merger’ has not been disclosed, it is thought the deal was struck on one times annual revenue.
PwC, led globally by international chairman Dennis Nally, wants to add Booz’s strategy expertise to PwC’s 'execution-focused’ offering, and is the latest in a wave of consolidation in the sector, which analysts argue is set to continue.
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