Clayton, Dubilier & Rice Reaches Agreement to Acquire PwC's Global Mobility Tax and Immigration Services Business - Seite 2

"CD&R has a longstanding track record of executing global carve-out transactions helping companies transition from corporate ownership to independent models," said Stephen Shapiro, a CD&R partner.  "We believe, as a free-standing platform, PwC's Global Mobility Tax and Immigration Services business will be positioned to increase its value proposition to its world-class client base." 

"The Global Mobility Tax and Immigration Services business has significant global capabilities to support emerging trends and complexities in talent mobility. The business is well positioned to capitalize on the future growth of global employee mobility, as companies and economies rebound from the pandemic. The return of business travel, emerging mobile work patterns, and the heightened need for compliance in a complex business and regulatory environment will drive significant need for a globally integrated provider with a sophisticated digital platform," said Russ Fradin, CD&R Partner and former CEO and Chairman at Aon Hewitt, who will become board chairman of the new independent company upon close. "We are excited to partner with a very talented team to unlock their potential as a free-standing enterprise."  

"The best interests of our clients, people and partners have been at the forefront of this transaction and I'm confident that, with CD&R's backing, the new business will be well equipped to grow and meet the developing needs of its clients of all sizes and in all segments around the world," said Bob Moritz, Global Chairman of PwC. "This sale will allow PwC to increase its investment in and prioritize building capabilities relevant to our global strategy - The New Equation. I'd like to thank the partners and people involved for their great work and wish them well for the future."

The business will be rebranded following the completion of the transaction, which is expected to close in the first half of 2022, subject to customary closing conditions including completion of certain local works council consultations. Deutsche Bank Securities Inc., JP Morgan, UBS Investment Bank, BMO Capital Markets Corp., BNP Paribas Securities Corp., Mizuho Financial Group Inc., RBC Capital Markets, LLC, and Societe Generale have committed financing to the transaction and are acting as financial advisors to CD&R; Debevoise & Plimpton LLP is providing legal counsel to CD&R.  Morgan Stanley & Co. LLC is acting as financial advisor and Davis Polk & Wardwell LLP and Linklaters LLP are providing legal counsel to PwC.