PWC partners approve IBM sale

Partners in the member firms of PricewaterhouseCoopers voted overwhelmingly in favour of the sale of the management consulting and technology services unit to IBM for $US3.5 billion in cash and stock.

The move will separate PwC Consulting from Big Five accounting firm PricewaterhouseCoopers (PwC), a separation previously intended to occur through an IPO (initial public offering) in August.

PwC Consulting will be combined with IBM Global Services' Business Innovation Services division to create a new unit.

The acquisition remains subject to regulatory approval from the European Commission and other regulatory authorities.

PwC expects all closing conditions, including obtaining regulatory approvals, to be satisfied around early October 2002.

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