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Another big merger: Deloitte buys struggling BearingPoint
Tuesday - 3/24/2009, 7:46am EDT
From the release :
BearingPoint and Deloitte have entered into an asset purchase agreement by which Deloitte will purchase a significant portion of BearingPoint’s largest business unit, Public Services, for a price of $350 million… In addition, BearingPoint has signed a non-binding letter of intent to sell a substantial portion of its North American Commercial Services business, including its Financial Services segment, to PricewaterhouseCoopers LLP for $25 million.
BearingPoint had been reporting weakened results for some time and in late 2007 named a new chief executive in hopes of turning around its fortunes. Results improved in 2008, but the company — spun off from accounting firm KMPG LLP in 2001 — continued to be affected by dwindling cash levels, which fell nearly one-third the first three quarters of 2008 to $333 million, and an inability to generate cash flow.
For its part, Deloitte said the acquisition would accelerate the expansion of its federal-government services business, which has seen strong growth in the past five years.