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PwC and Clayton, Dubilier and Rice have announced an agreement under which the firm’s funds will acquire PwC’s global mobility tax and immigration services business (GMTIS) for a reported $2.2bn (£1.59bn).
The GMTIS business serves more than 3,000 multinational clients worldwide and helps organisations manage global talent mobility, while providing personalised, high-quality tax and immigration services to cross-border employees, as they navigate compliance issues associated with global employment.
It revealed the transaction will create a “free-standing”, global platform with more than 5,700 professionals “hyper-focused” on a seamless cross-border experience for clients, while accelerating investment in technology and new services.
Peter Clarke, global managing partner for global employee mobility at PwC, who will be CEO of the new company, said: “We are excited for the opportunity to become a free-standing organisation and partner with Clayton, Dubilier and Rice to build on our market leadership and drive more value for clients.
“The pandemic proved that global employment issues remain a key challenge for companies, especially as compliance requirements become more complex. Our partnership with Clayton, Dubilier and Rice will allow us to accelerate our technology investments to offer what our clients are asking for.”
Stephen Shapiro, a Clayton, Dubilier and Rice partner, added: “We believe, as a free-standing platform, PwC’s Global Mobility Tax and Immigration Services business will be positioned to increase our value proposition to its world-class client base.”
“The business is well positioned to capitalise on the future growth of global employee mobility, as companies and economies rebound from the pandemic.
