Kevin Reed, Accountancy Age, Wednesday 25 August 2010 at 09:07:00

PwC's US firm purchases strategy and IT consultants Diamond

PwC's US firm is set to buyDiamondManagement & Technology Consultants for $378m (245m).

The strategy and IT consultancy firm will merge into PwC's advisory practice.PwC paid the equivalent of $12.50 a share for the firm, a 31% premium on its 23August closing price.

The transaction, unanimously approved by both companies' boards, is expectedto close in Q4 2010, subject to customary closing conditions, including theapproval of Diamond?s stockholders and antitrust clearance.

"There's a clear strategic fit between PwC's assets and aspirations andDiamond's positioning," said Adam Gutstein, president and CEO of Diamond.

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