IBM Corp. announced Wednesday the completion of its acquisition of PwC Consulting, the consulting division of PricewaterhouseCoopers LLP (PwC).
The deal, worth US$3.5 billion in cash and stock, was overwhelmingly approved by PwC member firms and partners globally, and has received approval by competition authorities in Europe and the U.S., IBM said in a statement.
IBM unveiled its plan to acquire the consulting unit on July 30.
The IT vendor and services provider, headquartered in Armonk, N.Y., said it will create a new unit, IBM Business Consulting Services, which will include 30,000 consulting professionals from IBM and another 30,000 from PwC Consulting. The new unit, the company said, will be the world’s largest consulting services organization, with operations in more than 160 countries. It will be part of IBM Global Services.
IBM has named three geographic general managers for the new Business Consulting Services organization: Mike Collins for the Americas; David Dockray for Europe; and Hideki Kurashige for Asia-Pacific. All three managers come from PwC Consulting and will report directly to Ginni Rometty, general manager of IBM Business Consulting Services.