KPMG Consulting Moves Forward with IPO Plans | AccountingWEB

KPMG Consulting Moves Forward with IPO Plans

KPMG Consulting LLP is continuing its move in the direction of an initial public offering planned for early in 2001. The firm recently amended its SEC filing to include a price estimate on its shares.

The offering will net KPMG Consulting something in excess of $2 billion. Some of the proceeds will be used to repurchase stock from Cisco Systems which has decided to divest itself about half of its 19.9% holdings in KPMG Consuting.

Upon completion of the IPO, parent company KPMG LLP will be left with ownership of approximately 20% of the consultancy. It is expected that within five years the KPMG partners will have completely divested themselves of ownership in KPMG Consulting.

Analysts question the timing of the IPO due to the recent downturn in the stock market.

See related story.

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.
Premium content is currently locked

Editor's Choice

WHAT KIND OF FIRM ARE YOU?
As part of our continued effort to provide valuable resources and insight to our subscribers, we're conducting this brief survey to learn more about your personal experiences in the accounting profession. We will be giving away five $50 Amazon gift cards, and a $250 Amazon gift card to one lucky participant.
This is strictly for internal use and data will not be sold
or shared with any third parties.