Accenture plc (NYSE:ACN) entered into an agreement to acquire Kurt Salmon US Inc. from Management Consulting Group PLC (LSE:MMC) for approximately £130 million in cash on September 21, 2016. The consideration is payable on completion of the transaction. In the event of termination, Management Consulting Group will be liable to pay a fee of £0.86 million. For the year ended December 31, 2015, Kurt Salmon reported profit before tax of £5.3 million, revenues of £71.4 million and total assets of £118.4 million. Kurt Salmon's employees are expected to join the Accenture Strategy retail industry practice. There will be no changes to the Board of Management Consulting Group as a result of the transaction.

The deal is subject to regulatory approvals, approval of the competition authorities in the United States, Austria and Germany, approval of the transaction by Management Consulting Group's shareholders and other customary closing conditions. The Board of Management Consulting Group unanimously recommends its shareholders to vote in favor of the transaction. The deal is expected to close in October or November 2016 and must be consummated by December 20, 2016. As on October 13, 2016 Federal Trade Commission approved the transaction. Management Consulting Group will use the proceeds to fund a proposed payment of capital to its shareholders and for general corporate purposes. Ben Atwell of FTI Consulting acted as PR advisor for Management Consulting Group. Will Boothby, Sarkis Jebejian, Sara Zablotney and Meg Dewar of Kirkland & Ellis acted as legal advisors for Accenture. Tim Metzger was the in-house counsel. Jefferies International Limited acted as financial advisor to Accenture. Duckett Edward and Reece Radford of N M Rothschild & Sons Limited acted as financial advisors for Management Consulting Group PLC. David Feirstein, Sarkis Jebejian, Will Boothby, Sara Zablotney and Meg Dewar of Kirkland & Ellis acted as legal advisor for Accenture. David J. Malliband of  Baker McKenzie acted as the legal advisor to Management Consulting Group PLC.


Accenture plc (NYSE:ACN) completed the acquisition of Kurt Salmon US Inc. from Management Consulting Group PLC (LSE:MMC) on November 1, 2016.