ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • India
    • Economy
    • Politics
    • Markets
  • World
    • Economy
    • Politics
    • Markets
  • Companies
    • Auto
    • Banking & Financial Services
    • Pharma
    • Energy
    • Infrastructure
    • Media
    • IT
    • Telecom
    • Consumer Products
    • Aviation
    • FMCG
  • Personal Finance
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
  • Mutual Funds
  • Technology
  • Automobile
    • Cars
    • Bikes
  • Small Business
    • SME
    • Startups
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
    • AUTHORS
Home » World News

PWC to sell government services practise - sources

  • Twitter
  • Facebook
  • GPlus
Updated: Sat, Dec 09, 2017
01:14 am
Reuters
RELATED NEWS
Saudi signs deals to invest USD 20 bn in cash-strapped Pakistan Saudi signs deals to invest USD 20 bn in cash-strapped Pakistan
JNPT development works will generate 1.25 lakh jobs: Gadkari JNPT development works will generate 1.25 lakh jobs: Gadkari
Farm sector doles 'disturbing trend', says former RBI Guv Farm sector doles 'disturbing trend', says former RBI Guv
Cancellation of lease: HC grants interim relief to BBTCL Cancellation of lease: HC grants interim relief to BBTCL
Govt assures of positive steps on BSNL unions, associations' demands Govt assures of positive steps on BSNL unions, associations' demands

Global financial auditing and consulting company PricewaterhouseCoopers LLP is exploring the sale of its government consulting practise, which could fetch about $500 million, four people familiar with the matter said this week.

The sale would give PWC a freer hand to pursue the growing business of auditing government agencies. Professional standards restrict the kind of consulting services audit companies can offer to government customers, which are deterred by even the appearance of conflicts.

Wall Street investment bank Morgan Stanley is running the sale process, said the sources, who requested anonymity because details of the talks were not public.

Bidders have received financial information about the consulting practise, which offers business process improvement and operations streamlining services for a variety of government entities, including U.S. Agency for International Development and the Department of Defense.

The unit`s pretax earnings are expected to rise to more than $60 million next year from about $50 million this year, the sources said.

Private equity firms including New York-based Veritas and Chicago-based Madison Dearborn Partners are potential bidders for the unit, the people said.

Representatives of PWC, Morgan Stanley, Veritas and Madison Dearborn declined to comment.

One of biggest audits in history, the audit of the U.S. Department of Defense, kicked off this month and is due at the end of the government`s 2018 fiscal year.

According to Pentagon records, PWC, one of world`s largest auditing companies, has been contracted to provide "audit-readiness" services to the department.

"The Department is engaging auditors to perform over 24 individual financial statement audits of its largest components, as well as a Department-wide consolidated audit to summarize all results and conclusions on a DoD-wide basis," a Pentagon spokesman said.

Other companies in the government services sector have struck deals this year, including DXC Technology Co , which combined its U.S. public-sector business with Vencore Holding Corp and KeyPoint Government Solutions to create an independent, publicly traded company serving U.S. government clients.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

TAGS:
Economy
RELATED NEWS
Saudi signs deals to invest USD 20 bn in cash-strapped Pakistan Saudi signs deals to invest USD 20 bn in cash-strapped Pakistan
JNPT development works will generate 1.25 lakh jobs: Gadkari JNPT development works will generate 1.25 lakh jobs: Gadkari
Farm sector doles 'disturbing trend', says former RBI Guv Farm sector doles 'disturbing trend', says former RBI Guv
Cancellation of lease: HC grants interim relief to BBTCL Cancellation of lease: HC grants interim relief to BBTCL
Govt assures of positive steps on BSNL unions, associations' demands Govt assures of positive steps on BSNL unions, associations' demands

LATEST NEWS

Jet Airways likely to get over Rs 3,000 cr funds; Naresh Goyal might remain the promoter

Saudi Arabia signs deals to invest $20 bn in cash-strapped Pakistan

Arun Jaitley to meet RBI Directors to discuss issues of dividend, PCA, SME loan easing

Aero India 2019: Drones, balloons banned for Bengaluru air show for security reasons

Anil Singhvi’s Strategy February 18: Pharma & Metal sector are Positive; Buy Dr. Reddy’s Futures with Stop loss 2550

Air India Express launches international operations from Surat

Customs duty hike: Cement, fruit shipments from Pakistan among 10 most hit imports after Pulwama terror attack

Twitter retains old messages even after they are deleted: Report

Govt assures of positive steps on BSNL unions, associations' demands

Public Provident Fund investment: Forget market volatility, retire with Rs 1.8 crore, grow money by 400%, save tax

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • Amazon Prime Day
  • Income Tax
  • Bharti Airtel
  • NPA
  • Home Loan

Trending Topics

  • Farm Loans
  • 7th Pay Commission
  • Sanitary Pads
  • National Stock Exchange
  • GST

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved