Armonk, N.Y. (July 31, 2002) -- In an unexpected move, IBM announced Tuesday that it had signed an agreement to purchase PricewaterhouseCoopers' consulting unit for $3.5 billion.The transaction scuttles PwC’s plans to pursue an initial public offering for the consulting unit which was slated for August, and effectively kills the name "Monday" PwC had picked in June to call its consulting arm.

In a press release, the two companies said they’ve signed a definitive agreement which was approved by each of their boards of directors. The transaction is subject to regulatory approvals and the approval of local PwC partners, and is expected to be concluded by the end of the third quarter.

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