PricewaterhouseCoopers Partners Approve Sale of PwC Consulting to IBM

NEW YORK, Sept. 12 /PRNewswire/ -- PricewaterhouseCoopers today said that it has received partner approval for the sale of PwC Consulting to IBM. PricewaterhouseCoopers said partners in the member firms of PricewaterhouseCoopers International Limited have voted overwhelmingly in favor of the $3.5 billion sale of the global management consulting and technology services unit to IBM.

In addition, the Hart-Scott-Rodino 30-day waiting period for IBM's acquisition of PwC Consulting expired on September 9, 2002, without a request for additional information. The proposed transaction still requires approval from the European Commission and other regulatory authorities.

The approval of PricewaterhouseCoopers' member firms and their partners was one of several steps necessary to complete the transaction with IBM. All closing conditions, including obtaining regulatory approvals, are expected to be satisfied around early October 2002. In the meantime, the partners and staff of PwC Consulting remain focused on serving clients through the transition and beyond the separation of the practices.

About PricewaterhouseCoopers

PricewaterhouseCoopers is the world's largest professional services organization. Drawing on the knowledge and skills of more than 150,000 people in 150 countries, PricewaterhouseCoopers helps its clients solve complex business problems and measurably enhance their ability to build value, manage risk and improve performance in an Internet-enabled world.

PricewaterhouseCoopers refers to the member firms of the worldwide PricewaterhouseCoopers organization.

About IBM

IBM Global Services is the world's largest information technology services provider, with approximately 150,000 professionals serving customers in 160 countries and annual revenue of $35 billion (2001). IBM Global Services integrates IBM's broad range of capabilities -- services, consulting, hardware, software and research -- to help companies of all sizes realize the full value of information technology. For more information, visit http://www.ibm.com/services.



Source: PricewaterhouseCoopers



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