KPMG Consulting, the New York-listed professional services company, stated Monday that it would be acquiring the German, Austrian, and Swiss operations of KPMG Consulting AG (KCA) for $685 million.
KPMG Consulting demerged from KPMG Consulting Europe some time ago. Its chairman and chief executive, Rand Blazer, said that the acquisitions represented a significant extension of the company’s global presence and a powerful addition to its European portfolio. It is also expected to be accretive to the company’s earnings.
The deal would also give KPMG Consulting critical mass in Germany, which is Europe’s biggest IT services market.
The company also announced that it would be acquiring the business consulting units of Andersen in Sweden, Switzerland, Norway, Finland, Japan, and Hong Kong. The sum involved remains undisclosed.
KCA also sold its UK and Netherlands arms last week to French IT services group Atos Origin. KCA specializes in European IT services and counts Commerzbank and Credit Suisse amongst its clients. Last year it generated revenues of $540 million.