Investment firm CD&R to buy PwC's mobility unit for $2.2 billion - source
Oct 19 (Reuters) – Private investment firm Clayton, Dubilier & Rice (CD&R) will buy accounting and consulting firm PwC’s global mobility tax and immigration services business, the two companies said on Tuesday.
The companies did not disclose the deal value. A source familiar with the matter told Reuters the deal was for $2.2 billion.
The unit offers employee tax, business travel, mobility managed services, and payroll services to more than 3,000 multinational organizations. It also offers tax and immigration services to employees moving oversees, making it well placed to benefit from a rebound from the COVID-19 pandemic.
“The return of business travel, emerging mobile work patterns, and the heightened need for compliance in a complex business and regulatory environment will drive significant need,” Russ Fradin, CD&R Partner, said in a statement.
The business will be rebranded following the completion of the deal, which is expected to close in the first half of 2022, the companies said.
JP Morgan, UBS Investment Bank, BMO Capital Markets Corp, BNP Paribas Securities Corp, Mizuho Financial Group Inc, RBC Capital Markets, and Societe Generale have agreed financing to the deal and are acting as financial advisors to CD&R.
Morgan Stanley & Co. LLC is acting as financial advisor to PwC.
Reporting by Noor Zainab Hussain and Niket Nishant in Bengaluru; Editing by Shailesh Kuber
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