Booz & Company announced that its global partners approved the merger agreement with PwC on Monday. The two companies signed a conditional merger agreement last October.
Booz & Company’s goals
Back then, Cesare R. Mainardi, CEO of Booz & Company, emphasized that the primary objective of the firm in combining with PwC was to help its clients build and identify differentiating capabilities they need to win, and to help reinvent management consulting over the next century.
Dennis Nally, chairman of PricewarerhouseCoopers International also stated previously that the merger would create a stand-out professional services organization that offers high-quality services to a wide range of stakeholders. According to him, CEOs will be given the opportunity to work with a global consulting team with the ability to provide strategy development right through to execution.
According to the latest announcement of Booz & Company, the merger agreement is subject to regulatory approval and fulfillment of customary closing conditions, and is expected to close in the first quarter next year.
Booz & Company and PwC plans
Booz & Company and PwC plan to create a leading global advisory business that designs winning strategies for top companies worldwide. The combined company aims to execute such winning strategies in a broad range of functions and service offerings.
Mainardi said, “Clients are demanding practical strategies that deliver sustainable outcomes. Our industry is responding with consolidation across the consulting spectrum. We have chosen to lead this change – to deliver better results for our clients and help transform our industry.”
He added that the merger will position the combined company as a “Category of One,” the only global consulting team that knows how to truly bridge the best of operational and strategy consulting.
Merger with PwC to bring out more strategies
On the other hand, Joe Saddi, chairman of Booz & Company emphasized that they are in business for one reason – to solve the toughest problems of their clients. He also pointed out that the company has a 99-year legacy of delivering high-impact and practical strategies. According to him, the merger with PwC will allow Booz & Company to “bring strategies to life with seamless global delivery of strategy through execution.”
Both firms are currently working together in determining the branding of the business under the PwC umbrella. Booze & Company and PwC will continue its business operations independently until the completion of the merger.
