The private equity firm Veritas Capital on Wednesday said it has agreed to acquire the US Public Sector business of the consulting firm PricewaterhouseCoopers (PwC).
Terms of the deal, which is expected to close shortly after receiving regulatory approvals, were not disclosed. Veritas declined to disclose the sales of PwC’s US Public Sector business, which has 1,500 partners and staff.
PwC’s US Public Sector customers include the Departments of Defense, Homeland Security, Veterans Affairs, Health and Human Services, and State, and state and local governments. The management of the business will remain intact.
“Our US Public Sector business has an excellent brand and client base with a strong record of growth, and this transaction will provide the partners and staff with an opportunity for continued development for both their business and careers,” Tim Ryan, US chairman and senior partner for PwC, said in statement.
Ramzi Musallam, managing partner and CEO of Veritas, said in a statement that the PwC US Public Sector business has a “deep sector understanding,” adding the company has a “highly differentiated platform with industry-leading growth.”
Veritas said that once the deal closes, it will rename the US Public Sector business, which will operate as an independent company.
PwC’s financial adviser on the deal is Morgan Stanley.