NEW YORK, May 28, 2009 (GLOBE NEWSWIRE) -- PricewaterhouseCoopers LLP (PwC) announced today that the U.S. Bankruptcy Court for the Southern District of New York approved the purchase by PwC of significant portions of BearingPoint's North American Commercial Services practice, and its Global Delivery Center (GDC) in Shanghai, China. A subsidiary of PwC had separately agreed to purchase BearingPoint's GDC in Bangalore, India in a transaction that did not require approval of the U.S. Bankruptcy Court. The total consideration for these transactions is $44 million.
The transaction for portions of BearingPoint's North American Commercial Services Business is expected to close in June, subject to customary closing conditions, including the order of the U.S Bankruptcy Court becoming final. The closing dates for the two GDCs are expected to take place in the coming months.
"The addition of these assets and consulting resources of BearingPoint's North American Commercial Services practice is part of our long-term plan to support the strategic growth of our leading Advisory business," said Juan Pujadas, PricewaterhouseCoopers' Global and U.S. Advisory leader. "We look forward to the completion of these transactions and the benefits that they will bring to our clients in the U.S. and around the world."
Upon closing of the Commercial Services acquisition, PwC's Advisory practice will assume selected contracts and assets of BearingPoint, while bringing to the firm client service professionals with significant business and consulting expertise across multiple industries.
WilmerHale LLP and Linklaters acted as legal counsel to PwC and Jefferies & Company, Inc. acted as PwC's financial advisor on the transactions.
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