KPMG to Buy Parts of European Firms
Associated Press
KPMG Consulting Inc. said it would buy some assets of the European consulting business held by its onetime parent for $685 million.
The unit to be purchased includes the German, Swiss and Austrian units of KPMG, which is a part of the accounting firm KPMG International.
McLean, Va.-based KPMG Consulting spun off last year from KPMG International, when accounting firms came under pressure in the United States to separate their accounting and consulting businesses.
KPMG Consulting employs about 9,000 and had revenue last fiscal year of $2.9 billion.
The European consulting unit slated for purchase employs about 3,200 people and had revenue of about $540 million in 2001.
