Sale of BearingPoint’s Public Services Business To Deloitte Approved
Christina Broder, Big4.com Staff Reporter
BearingPoint, Inc. recently announced that its agreement with PricewaterhouseCoopers LLP (PwC) has reached a definitive stage. Under the agreement, PwC will acquire a considerable portion of the North American Commercial Services business of BearingPoint and associated Global Delivery Centers. The estimated value of the transaction has been disclosed as $25 million.
The agreement is expected to be materialized by June 30, 2009. It is, however, dependent on the satisfaction of the customary closing conditions and rules of bankruptcy court. The rules include the condition that BearingPoint must consider “higher or better” offers from other potential buyers as well, before they can finalize the deal with PwC. There is still no assurance that the proposed sales deal will be approved by the court and allowed to be completed.
BearingPoint had previously announced on March 23, 2009 that it had formed a definitive agreement with Deloitte LLP. Under the agreement, BearingPoint would sell to Deloitte a considerable portion of its North American Public Services business for $350 million. The price was subject to adjustment though. Court approved the sale on April 17, 2009, which still remains subject to the satisfaction of the closing conditions. There can be still no assurance that the deal will be finalized.