Sep 13, 2002 : IBM Wins Approval in PwC Purchase

📅 September 13, 2002 - Technology giant IBM drew another step closer to the successful conclusion of its efforts to purchase the consulting arm of PriceWaterhouseCoopers on Friday, when its $3.5 billion bid was approved by partners in the accountancy.

The proposed deal has also met with approval from European Union regulators who were looking into anti-trust issues that might potentially have been involved in the merger. The acquisition would be a substantial addition to IBM's Global Services unit, already the world's largest IT outsourcing company.
The sale puts an end to efforts by PwC to spin off the consulting unit through a flotation. Large auditors have been under pressure recently to separate their auditing businesses from their consulting businesses, due to the inherent conflict of interest the two operations present.
IBM has reportedly said it intends to cut jobs following the takeover of the operation, which currently employs 30,000 people.

Reads: 1987 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/pwc091302.cfm
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