BearingPoint, Inc. (OTCBB:BGPTE), a management and technology consulting firm, today announced that the sale of a significant portion of its North American Commercial Services business, including its Financial Services segment and associated Global Delivery Centers, to PricewaterhouseCoopers (PwC) has been approved by the Court overseeing its previously announced restructuring. Under the terms of its winning bid at an auction concluded earlier today, PwC will acquire the majority of BearingPoint’s Commercial Services unit for $44 million, subject to contractual adjustments.
BearingPoint and PwC are working together to help ensure a seamless transition for clients and employees, including the continuity of existing engagement teams, to provide uninterrupted, world-class consulting services. Tom DeGarmo, executive vice president of Commercial Services, and his management team will join PwC to help provide leadership stability and continuity to aid in successful integration. Subject to customary closing conditions, the sale is expected to be finalized by the end of June.
About BearingPoint, Inc.
BearingPoint, Inc. (OTCBB:BGPTE) is a provider of management and technology consulting services to commercial and public sector organizations around the world. BearingPoint professionals have built a reputation for knowing what it takes to help clients achieve their goals, and working closely with them to get the job done. The Company’s service offerings are designed to help its clients generate revenue, increase cost-effectiveness, manage regulatory compliance, integrate information and transition to next-generation technology. For more information, visit the Company's Web site at www.BearingPoint.com.