PwC is considering selling the financial auditing and consulting firm’s government consulting practice that could be valued at approximately $500 million, Reuters reported Saturday.
Sources told Reuters PwC expects the planned transaction to help the company pursue growth opportunities in providing auditing services to government agency clients and has tapped investment bank Morgan Stanley to offer assistance in the sale process.
Private equity firms Madison Dearborn Partners and Veritas Capital have emerged as potential bidders for the practice that provides business process services to the Defense Department, U.S. Agency for International Development and other agencies.
DoD said in its records that it has contracted PwC to help the department perform an agencywide financial audit that has started this month.
