PwC, one of the “big four” accounting firms, has announced an agreement
to merge with corporate consulting firm Booz & Company
. The proposed transaction, made public on Wednesday morning, is conditional on approval by Booz's partners, required regulatory approvals, and other closing conditions.
Until the results of Booz & Company's partner vote are known it will “be business as usual” for the two firms, a joint statement says. That vote is scheduled to take place in December and a further public announcement is expected by the end of the year.
Financial arrangements were not made public. PwC reported more than $32 billion in revenue during its 2013 fiscal year; Booz & Company had an estimated $1 billion in revenue.
PwC, a network of firms in 157 countries, will meld Booz's 3,000 employees in 57 offices around the world into its advisory practice. The merger only applies to Booz & Co., a global management consulting firm, not the similarly named government consulting giant Booz Allen Hamilton. The former was spun off as an independent entity in 2008.