Andersen Staffers to Find New Home at KPMG Consulting

KPMG Consulting has announced that it has signed a definitive agreement to hire 140 partners and 1,400 staff of Andersen Consulting's U.S. operations.

When the deal goes through, expected later in July, KPMG Consulting will pay Arthur Andersen LLP $63 million for the acquisition of the practice. KPMG Consulting expects that $65 million in revenues can be generated from the Andersen group in their first 3-month period with KPMG.

In May, 2002, KPMG Consulting signed a letter of intent to acquire 23 Andersen Consulting units worldwide. So far, definitive deals have been reached with a number of independent parts of the Andersen Worldwide network including Australia, China, Hong Kong, Japan, Norway, Finland, Switzerland, Sweden, and now the United States.

Negotiations with other business units of Andersen Worldwide continue.

You may like these other stories...

Here's a CPA who truly walks the walk. On March 15, Frank Ryan, CPA, departed San Diego, California, with plans to be in Ocean City, Maryland, by July 2 to teach a course at the Maryland Association of CPAs’ (MACPA...
When Theodore J. Flynn first joined the Massachusetts Society of CPAs (MSCPA) in 1970, it was a different world and a different profession.  The "Big Eight" were still headquartered in Boston. Vietnam War...
Accountant Rickey Charles Goodrich had it a little too good. Many bean counters would kill to serve as financial guru to the likes of Pearl Jam. Goodrich was hired in 2005, and the following year, he became the CFO of Curtis...

Upcoming CPE Webinars

Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.