Bankrupt consulting firm divests all of its business units
BearingPoint Inc, the bankrupt technology consulting firm, has found buyers for its key business units and now plans to sell off rather than restructure its business, it has emerged today.
The company said Deloitte will pay $350 million cash for its North American federal government and public services unit, and that PricewaterhouseCoopers would be taking its North American commercial and financial services practice for $25 million.
Pricewaterhouse’s Japan affiliate is also said to be planning to buy BearingPoint’s Japan based consulting arm.
The sales will see BearingPoint dispose substantially all of its businesses.
BearingPoint also confirmed that it was now in “late-stage negotiations with local management teams to sell its European and Latin America practices” and that it was currently in negotiations with other parties and local management to sell various Asia Pacific practices.
Ed Harbach, BearingPoint’s CEO said in a statement, “We have concluded that a sale of the company’s business units maximizes value and provides the greatest stability for all interested parties.”