Veritas Capital’s Acquisition of PricewaterhouseCoopers’ US Public Sector Business

Morgan Stanley & Co. LLC is acting as exclusive financial advisor to PricewaterhouseCoopers LLP, and Davis Polk & Wardwell LLP is serving as legal counsel. Schulte Roth & Zabel LLP is serving as legal counsel to Veritas Capital.

Veritas Capital, a leading private equity investment firm, today announced that an affiliate of Veritas has signed a definitive agreement with PricewaterhouseCoopers LLP (PwC), the US member firm of the PricewaterhouseCoopers network, to acquire its US Public Sector business.

With approximately 1,500 partners and staff, PwC’s US Public Sector business helps governments – federal, state and local – and multilateral agencies solve complex business problems, improve processes and manage risk through its capabilities in financial management, strategy development, program management, operational effectiveness and organization design. The business has long-standing relationships with and serves as a trusted partner to clients such as the Departments of Defense, Homeland Security, Veterans Affairs, Health and Human Services, and The Department of State, as well as numerous state and local governments. The US Public Sector business is also the only professional services firm to win the prestigious Malcolm Baldrige National Quality Award, the nation’s highest award for quality management systems.

The transaction is agreed upon and both parties are working toward the deal’s closing. The closing is subject to regulatory approvals and other conditions that are customary for transactions of this type and is expected to take place shortly following the completion of these conditions.

The Schulte team advising Veritas is led by M&A and securities partner Richard Presutti (Picture) and associates Stavan Desai and Lowell Dyer. The team also includes intellectual property, sourcing & technology partner Robert Kiesel and special counsel Scott Kareff; employment & employee benefits partner Ian Levin and special counsel Stephen Brecher; tax partner Kurt Rosell and associate Philip Cooke; and finance partner Ronald Risdon.

The Davis Polk corporate team includes partner Oliver Smith and associates Gary Pong and Camila Panama. Partner Veronica M. Wissel and associates Travis Triano and Rina Fujii are providing executive compensation advice. Partner Frank J. Azzopardi and associate Tilak Koilvaram are providing intellectual property and technology advice. Partner Rachel D. Kleinberg and associate Catherine L. Chu are providing tax advice.

Involved fees earner: Oliver Smith – Davis Polk & Wardwell; Gary Pong – Davis Polk & Wardwell; Camila Panama – Davis Polk & Wardwell; Veronica Wissel – Davis Polk & Wardwell; Travis Triano – Davis Polk & Wardwell; Rina Fujii – Davis Polk & Wardwell; Frank Azzopardi – Davis Polk & Wardwell; Tilak Koilvaram – Davis Polk & Wardwell; Rachel Kleinberg – Davis Polk & Wardwell; Catherine Chu – Davis Polk & Wardwell; Richard Presutti – Schulte Roth & Zabel; Stavan Desai – Schulte Roth & Zabel; Lowell Dyer – Schulte Roth & Zabel; Robert Kiesel – Schulte Roth & Zabel; Scott Kareff – Schulte Roth & Zabel; Ian Levin – Schulte Roth & Zabel; Stephen Brecher – Schulte Roth & Zabel; Kurt Rosell – Schulte Roth & Zabel; Philip Cooke – Schulte Roth & Zabel; Ronald Risdon – Schulte Roth & Zabel;

Law Firms: Davis Polk & Wardwell; Schulte Roth & Zabel;

Clients: PricewaterhouseCoopers; Veritas Capital ;

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Author: Ambrogio Visconti