The logo of Price Waterhouse Coopers is seen at its Berlin office in Berlin, Germany, September 20, 2019. REUTERS/Wolfgang Rattay
Oct 19 (Reuters) – Private investment firm Clayton, Dubilier & Rice (CD&R) will buy accounting and consulting firm PwC's global mobility tax and immigration services business, the two companies said on Tuesday.
The companies did not disclose the deal value. A source familiar with the matter told Reuters the deal was for $2.2 billion.
The unit offers employee tax, business travel, mobility managed services, and payroll services to more than 3,000 multinational organizations. It also offers tax and immigration services to employees moving oversees, making it well placed to benefit from a rebound from the COVID-19 pandemic.
"The return of business travel, emerging mobile work patterns, and the heightened need for compliance in a complex business and regulatory environment will drive significant need," Russ Fradin, CD&R Partner, said in a statement.
The business will be rebranded following the completion of the deal, which is expected to close in the first half of 2022, the companies said.
JP Morgan, UBS Investment Bank, BMO Capital Markets Corp, BNP Paribas Securities Corp, Mizuho Financial Group Inc, RBC Capital Markets, and Societe Generale have agreed financing to the deal and are acting as financial advisors to CD&R.
Morgan Stanley & Co. LLC is acting as financial advisor to PwC.
Our Standards: The Thomson Reuters Trust Principles.
Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
The new Democratic leadership of the U.S. securities watchdog has a message for Corporate America's highly paid executives: if your company screws up, your pay is at risk.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Information, analytics and exclusive news on financial markets – delivered in an intuitive desktop and mobile interface.
Access to real-time, reference, and non-real time data in the cloud to power your enterprise.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2021 Reuters. All rights reserved
Investment firm CD&R to buy PwC's mobility unit for $2.2 billion – source – Reuters
