PwC to buy advisory firm for $378 mln

PricewaterhouseCoopers LLP (PwC) said it agreed to acquire Diamond Management & Technology Consultants, Inc. for $378 million in cash to boost its advisory business.

Chicago-based Diamond Management is a management consulting firm, employing more than 500 consultants worldwide and has offices in Chicago, Hartford, New York, Washington D.C., London, and Mumbai.

PricewaterhouseCoopers said it would pay $12.50 for each share of Diamond Management, representing a premium of 31 percent to Diamond Management's closing of $9.54 on August 23.

"The acquisition reflects our long-standing commitment to provide the expertise and experience necessary to assist our clients in addressing their highest priority issues," Robert Moritz, US Chairman and Senior Partner of PricewaterhouseCoopers LLP, said in a statement.

PricewaterhouseCoopers expects the deal to close in the fourth quarter of calendar year 2010, subject to customary closing conditions, including the approval of Diamond's stockholders and antitrust clearance.

PricewaterhouseCoopers LLP is the US arm of Big Four accounting firm PricewaterhouseCoopers International. The firm provides auditing and human resources, tax-related, and other advisory services.