PwC completes acquisition of Booz & Co
PwC receives approval to acquire international consulting company Booz & Co which will rebrand to Strategy &
PWC HAS COMPLETED its acquisition of international consultancy business Booz & Co following regulatory and partner approval.
Booz & Company is to join PwC and become part of the PwC Network. The consultancy will rebrand to Strategy &, which will be used alongside the PwC name and brand. Strategy & will have its own logo which will sit aside the PwC logo.
The company has already rebranded its website to Strategy &.
Strategy &’s board of directors will be bolstered with the appointment of Tony Poulter, PwC partner and global consulting leader. The executive board of Strategy & will also see two PwC partners take up additional roles.
PwC has revenues of $32bn and a global workforce of 184,235, according to finance figures for the year ended 30 June 2013, while Booz has about 3,000 staff, 130 partners internationally, 15 of which are UK-based.
Dennis Nally (pictured), chairman of PricewaterhouseCoopers International, said: “Today signifies an important step for PwC, our clients and stakeholders… Together PwC and Strategy& meet this need – delivering superior value to our clients and stakeholders, attracting premium talent and helping businesses around the world build their capabilities on a global scale.”
“This combination of PwC and Strategy & will see PwC lead the way in changing the landscape of the global consulting business.”
According to the latest Accountancy Age Top50+50 data consulting has increased exponentially to £2.3bn in 2013 from £1.7bn the previous year. The survey also highlighted that KPMG is currently leading the way with a consultancy fee income of £925m, followed by Deloitte’s £524m, PwC’s £438m and EY’s £416m.
US-based Booz & Co was reportedly involved in several high profile deals including, the merger of the national and American football leagues in the 1970s and the creation of Deutsche Telekom after the reunification of Germany, according to City Am.
The consultancy split from Booz Allen Hamilton, which focuses on US government consulting, in 2008. Booze Allen Hamilton became the subject of controversy recently, when former employee Edward Snowden leaked government secrets to the press.
The data in the Accountancy Age survey has been interpreted incorrectedly. For example, KPMG’s consultancy fee income of GBP925m cannot be compared to EY’s GBP416m. KPMG’s advisory service line includes both transactions and management consulting. EY’s advisory service line only includes management consulting. Transactions is another service line which has GBP306m. The same goes for PwC which is certainly far bigger than KPMG in the UK.
The data in the Accountancy Age survey has been interpreted incorrectedly. For example, KPMG’s consultancy fee income of GBP925m cannot be compared to EY’s GBP416m. KPMG’s advisory service line includes both transactions and management consulting. EY’s advisory service line only includes management consulting. Transactions is another service line which has GBP306m. The same goes for PwC which is certainly far bigger than KPMG in the UK.