New York - The U.S. Bankruptcy Court has given the go-ahead for Deloitte to acquire most of what remains of consulting firm BearingPoint's North American public services practice for $350 million.

As part of the deal, which was announced in March, the Big Four firm is assuming some of the bankrupt consultancy's liabilities. PricewaterhouseCoopers also has agreed to buy BearingPoint's commercial services arm for $25 million and its Japanese business for $45 million.

BearingPoint, a spin-off of KPMG, filed for bankruptcy in February. The Deloitte acquisition was expected to close this month. Deloitte will acquire most of BearingPoint's assets associated with projects in the federal sector, among others. Roughly 4,250 BearingPoint employees will become Deloitte principals and employees.

(c) 2009 Accounting Today and SourceMedia, Inc. All Rights Reserved.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access