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New York (May 10, 2002) -- After agreeing to sell some 23 domestic and overseas consulting units to KPMG Consulting for $284 million, Andersen said it has struck a deal to divest the majority of its tax practice to Big Five rival Deloitte & Touche for undisclosed terms.The sale involves roughly 200 partners and 2,000 employees across the country. Several firms in addition to a San Francisco-based equity firm had bid on Andersen’s tax advisory unit over the past several weeks.
Andersen also closed a separate deal with Ernst & Young to divest its audit and tax practices in Pittsburgh for undisclosed terms. The pact involves 80 people including six partners.
Earlier in the week, E&Y agreed to acquire Andersen’s offices in Detroit, Ann Arbor and Grand Rapids, Mich., and Toledo, Ohio. Under that agreement, 159 Andersen employees, including 14 partners and principals, will join Ernst & Young.
--Electronic Accountant Newswire staff
