Deals and IPOs

PwC strikes deal to buy corporate consultancy Booz

PricewaterhouseCoopers building in Toronto, Canada
Brent Lewin | Bloomberg | Getty Images

Accounting and consulting firm Pricewaterhouse Coopers said on Wednesday it struck a deal to buy corporate consulting firm Booz & Co., the latest in a string of mergers by global audit firms aimed at bulking up their fast-growing advisory businesses.

PwC ranked last year as the world's largest private professional services firm. It employs more than 184,000 people in 157 countries and took in $32 billion in revenue in its latest fiscal year.

Booz and PwC said the deal is subject to approval from Booz & Co.'s partner vote, scheduled for December. Financial terms were not disclosed.

(Read more: Ackman to PwC: Herbalife could get you in trouble)

Booz & Co. separated in 2008 from Booz Allen Hamilton, the consulting firm best known for its work with U.S. government agencies. The two firms are no longer related.

After a wave of accounting scandals, U.S. regulators in 2002 tightened restrictions on audit firms' consulting services, but they were allowed to continue to do consulting work for companies that they did not audit.

PwC is one of the world's "Big Four" auditing and accounting firms. The others are KPMG, Deloitte, and Ernst & Young.

—By Reuters