KPMG Consulting, based in McLean, Virginia, has paid $28.9 million for the Australia consulting arm of Big Five firm KPMG. The Australian group includes 329 partners. An undisclosed amount of the sale proceeds will be paid directly to the partners, the rest of the proceeds will be reinvested in the partnership.
KPMG Australia's chief executive, Lindsay Maxsted, commented on the sale: "It allows the consulting business to move forward as part of a global consulting company with access to capital and global reach."
The acquisition expands KPMG Consulting's presence in the Asia-Pacific area, where the company already enjoys market rights in Japan, Korea, New Zealand, Southeast Asia, and parts of Greater China. Australia is considered to be one of the largest consulting markets in the Asia-Pacific region.