Deloitte receives approval for purchase of BearingPoint Public Services business
22/04/2009
Deloitte LLP has received approval from the United States Bankruptcy Court for the Southern District of New York for its purchase of substantially all of the assets of BearingPoint's North American Public Services practice for total consideration of $350 million in cash.

Fuente: www.consultant-news.com   Fecha: 22.04.2009

Deloitte receives approval for purchase of BearingPoint Public Services business

The transaction is expected to close in May, subject to customary closing conditions, including the receipt of Hart-Scott-Rodino antitrust clearance.

At closing, Deloitte will acquire most of BearingPoint's assets associated with projects in the Federal sector, as well as certain projects in areas such as healthcare, emerging markets, state and local government services, and education. Associated with the purchase of these assets, up to approximately 4,250 Bearing Point employees will become Deloitte principals and employees.

Barry Salzberg, Chief Executive Officer, Deloitte LLP, said: "We are pleased to have taken this important step toward the completion of our purchase of BearingPoint's Public Services practice. Deloitte's Federal Practice has grown rapidly over the past five years as we have increased our assistance to public sector clients who face ever-increasing challenges. The addition of BearingPoint's highly talented team will position us for even stronger performance and further enhance our services for clients. We look forward to completing the transaction and a seamless integration."

Kramer Levin Naftalis & Frankel LLP acted as legal counsel to Deloitte and Houlihan Lokey as Deloitte's financial advisor on the transaction.