Deloitte LLP announced today that it has closed the acquisition of substantially all of the assets of BearingPoint's North American Public Services practice out of bankruptcy for total consideration of $350 million in cash, subject to adjustment, and the assumption of certain BearingPoint liabilities.
Barry Salzberg, Chief Executive Officer, Deloitte LLP, said: "We welcome the highly talented BearingPoint Public Services team to Deloitte. We are excited about moving forward together with even stronger capabilities to serve our clients and capitalize on the growth potential for federal, state and local business."
Kramer Levin Naftalis & Frankel LLP acted as legal counsel to Deloitte and Houlihan Lokey is Deloitte's financial advisor on the transaction.
As used in this document, "Deloitte" means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.