Booz completes separation of its business
Date: 03-08-2008
Source: Consultant News
Booz Allen Hamilton (Booz Allen) has completed the previously-announced separation of its US government and global commercial businesses, as well as the sale of a majority stake in the US government consulting business, which will retain the name Booz Allen Hamilton, to The Carlyle Group for $2.54 billion. The firm's commercial and international businesses are now independent, operating as Booz & Company.
Dr. Ralph W. Shrader, Chairman & Chief Executive Officer of Booz Allen, said, "Completing this separation of our two core businesses is an important milestone in our history. The success of these businesses over many decades and the significant opportunities that lie ahead for both are a tribute to generations of Booz Allen people and clients. Looking ahead, we are excited about Carlyle's investment and the ability to leverage their experience in our growing US government consulting business, and we look forward to continuing to collaborate with our Booz & Company colleagues on assignments where our joint capabilities benefit clients."
Peter J. Clare, Carlyle Managing Director and Head of the Global Aerospace, Defense and Government Services sector team, said, "We look forward to supporting Ralph Shrader and his management team as we enter this new and important phase of Booz Allen's leadership in the government services sector."
Booz & Company CEO Shumeet Banerji said, "This is an exciting time for us, as an independent company and also as a leader in global management consulting. We look forward to continuing our long history of serving the senior agenda of the world's leading institutions -- and teaming with our legacy partner Booz Allen Hamilton when our combined expertise helps our clients succeed."
The separation and investment by Carlyle was overwhelmingly approved by Booz Allen Hamilton shareholders.
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