PricewaterhouseCoopers Completes Acquisition of the Majority of BearingPoint's North American Commercial Services Business

Strategic Acquisition Accelerates the Growth of PwC's Advisory Business

NEW YORK, June 16, 2009 (GLOBE NEWSWIRE) -- PricewaterhouseCoopers LLP (PwC) announced today that it has completed the purchase of the majority of BearingPoint's North American Commercial Services practice. The U.S. Bankruptcy Court for the Southern District of New York approved the transaction on May 28, 2009.

With the completion of the transaction, PwC's Advisory practice has assumed selected contracts of BearingPoint and brought on 800 client service professionals with significant business and consulting expertise across multiple industries. PwC is gaining top-tier clients with a broad portfolio of multi-sector contracts in Commercial and Financial Services.

"This strategic acquisition accelerates the growth of PwC's Advisory business, increases our market share in the U.S. and expands our ability to meet the needs of complex global organizations," said Juan Pujadas, PricewaterhouseCoopers' Global and U.S. Advisory leader. "Our purchase of most of BearingPoint's North American Commercial Services Business provides us with opportunities through newly acquired client relationships, multi-sector contracts and employees who bring with them a wide range of talents and expertise, including extensive IT strategy, planning and implementation credentials."

PwC has also agreed to acquire two Global Delivery Centers (GDCs); one in Shanghai, China and one in Bangalore, India from BearingPoint. The acquisitions of these operations, which are expected to close in the coming months, will provide PwC clients with expanded global sourcing capabilities and competitive cost advantages.

BearingPoint is a global management and technology consulting company that filed for Chapter 11 bankruptcy protection on February 18, 2009 in the Southern District of New York.

WilmerHale LLP and Linklaters acted as legal counsel to PwC and Jefferies & Company, Inc. acted as PwC's financial advisor on the transactions.

About PricewaterhouseCoopers' Advisory Practice

PricewaterhouseCoopers' business advisory professionals provide clients with the confidence to succeed by helping them anticipate, create and manage change. Whether clients are proactively implementing change or reacting to an unplanned event, we leverage our Firm's resources, deep industry experience and functional acumen across the areas of operations, finance, organizational strategy and structure, process improvement, human resources effectiveness, technology integration and implementation, risk mitigation and crisis management to help organizations effect sustainable change.

About PricewaterhouseCoopers

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