BearingPoint, a global management and consulting service provider, has announced that it has signed a definitive agreement with the European management team of the company. The agreement was signed for the sale of the EMEA (Europe, Middle East and Africa) practice. It was done for an aggregate purchase price of around $69 million US dollar in total consideration.
The terms of this definitive agreement states that the EMEA practice of BearingPoint is now a legally-independent entity and is owned by EMEA management. Moreover, it will operate as one single partnership. Peter Mockler, BearingPoint EMEA’s executive vice president, and the existing management team will be providing leadership in order to facilitate the transition of the practice successfully. The practice will also continue to operate under the brand name of BearingPoint. Thus, it will benefit from existing brand awareness and equity.
Peter Mockler said that they are confident and that this is the best path for both their clients and employees. He further said “The EMEA leadership team and I are dedicated to the success of the practice and remain steadfast in our commitment to serving our clients”.
The sale of the EMEA practice will be completed either on or before August 31, 2009. However, the sale is subject to the fulfillment of some conditions as well as to the bankruptcy court approval. Moreover, the company has neither assured that the Court will approve the proposed sale nor claimed that this particular transaction will be completed.
Courtesy By Big4
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