Billed as a merger between the two companies, PwC will take Booz’s 3,000 employees into its global consulting arm.
Booz & Co. clients include BP, Thomas Cook and MYSE Euronext which will all be taken control of by PwC in the deal.
The deal will allow PwC to offer clients strategic advice along with the wherewithal to implement it.
The Big Four accountancy firms – PwC, Deloitte, EY and KPMG – have all been trying to build up their consulting offerings in response to a series of shifts in the industry. Strategy houses, such as Booz, are being increasingly asked by clients to undertake technology and operations work which they historically have not been involved in.
Booz previously held merger talks with Accenture earlier this year and held discussions with management consultancy A.T. Kearney in 2010.
The deal, if approved by Booz’s nearly 300 partners in December this year, will see PwC hold approximately 8% of the consulting market. The merger is also subject to regulatory approval.