PwC buys BearingPoint Business in Spain

Date: 26-10-2007
Source: Financial Times

On Wednesday, professional services firm PricewaterhouseCoopers (PwC) finalised an agreement to acquire the consultancy division of management consulting and systems integration firm BearingPoint in Spain. This division accounts for close to 70 per cent of BearingPoint's team in Spain. The agreement provides for the integration of BearingPoint's 150 business consultants, including all of its partners and directors, as well as its portfolio of clients. BearingPoint, meanwhile, will continue to trade under its current name in the Spanish technological consultancy market, where it will retain a workforce of around 70.

While the value of the operation has not been disclosed, the acquisition could add some 30m euros to the turnover of PwC's consultancy division in Spain, increasing its turnover by more than 50 per cent in the process. At the same time, it will see the number of PwC's consultants in Spain increase in size to around 700 Last year, this division recorded turnover of 58m euros, 20.1 per cent more than in 2005.