A little more than a month after filing Chapter 11 reorganization, BearingPoint has agreed to sell off most of its business units. The McLean, Va.-based technology consulting firm said Deloitte agreed to buy its North American Public Services business, BearingPoint's biggest unit, for $350 million in cash.
BearingPoint also said PricewaterhouseCoopers has agreed to pay $25 million for its North American Commercial Services practice. PwC's Japan affiliate also said it has agreed to buy BearingPoint's Japan consultancy. In addition, the firm said it is in negotiations to sell its European, Latin American and non-Japanese Asia Pacific units. All of the deals are subject to bankruptcy court approval.
The moves are an apparent about face from BearingPoint's previously announced restructuring plans. "Since we entered the restructuring process, we've been committed to evaluating all strategic options with the goal of charting the best possible course for the people, clients and creditors of BearingPoint," said Ed Harbach, Bearing Point CEO. "We have concluded that a sale of the company's business units maximizes value and provides the greatest stability for all interested parties."
To continue reading, become an ALM digital reader
Benefits include:
- Authoritative and broad coverage of the business of consulting
- Industry-leading awards programs like Best Firms to Work For, Global Leades and Rising Stars
- An informative newsletter that goes into the trends shaping the industry
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
