KPMG Consulting completes £469m deal
KPMG Consulting has snapped up the German, Swiss and Austrian consulting divisions of former parent firm KPMG in a $685m (£469m) deal - the company's second major acquisition in a month.
As part of the deal, KPMG Consulting will also take control of the 220-person strong Austrian telecommunications software and services business Infonova GmbH.
Last month KPMG Consulting began moves to acquire the 7,000-person strong, $1.4bn consulting businesses of splintering accounting giant Andersen Worldwide for $284m plus 6.5 million new shares.
KPMG Consulting is also in negotiations to acquire Andersen’s consulting practices in Japan, Norway, Finland, Sweden, Switzerland and Sweden as part of its plan to acquire a total of 23 practices across Europe, the US, Asia, and Latin America.
It has already finalised plans to acquire Andersen Business Consulting divisions in Australia, Hong Kong and China. The firm said it also plans to continue buying other KPMG Consulting sister practices, and look for other services acquisitions.
Last week, KPMG sold off its UK and Dutch consulting practices to IT consultancy Atos Origin, effectively splitting up its European network.
KPMG Consulting shares were last trading at $15.23, down marginally, on the NASDAQ index.
