US-based PricewaterhouseCoopers LLP(PwC) today disclosed its completion of the purchase of a majority stake BearingPoint's North American Commercial Services practice for $44 million.

The US Bankruptcy Court for the Southern District of New York approved the transaction on May 28, 2009.

With this acquisition PwC will acquire two GlobalDelivery Centers (GDCs); one in Shanghai, China and one in Bangalore, India from BearingPoint.

PwC's advisory practice has assumed selected contracts of BearingPoint and brought on 800 client service professionals with business and consulting expertise spread across different industries.

The acquisition will provide PwC clients with expanded global sourcing capabilities and competitive cost advantages. PwC said in a statement it was gaining top-tier clients with a broad portfolio of multi-sector contracts in commercial and financial services.

"This strategic acquisition accelerates the growth of PwC's Advisory business, increases our market share in the U.S. and expands our ability to meet the needs of complex global organizations," said Juan Pujadas, PricewaterhouseCoopers' Global and U.S. Advisory leader.

 "Our purchase of most of BearingPoint's North American Commercial Services Business provides us with opportunities through newly acquired client relationships, multi-sector contracts and employees who bring with them a wide range of talents and expertise, including extensive IT strategy, planning and implementation credentials."

Bearing Point was one of the world's largest providers of management and technology consulting services to Global 2000 companies and government organisations in more than 60 countries worldwide.

In 2002, following an auditing debacle, KPMG changed the name of its consulting division to Bearing Point.

BearingPoint, weighed down by $1 billion in debt accumulated through acquisitions, failed in its efforts to sell all or parts of the company, filed for Chapter 11 bankruptcy protection on February 18, 2009 in the Southern District of New York.

In March Bearing Point had agreed to sell a significant portion of its public services division - North American Public Services business, to Deloitte for $350 million.

PwC Japan purchased BearingPoint's Japan business for approximately $45 million, under a transaction which closed on May 11, 2009. The acquisition of BearingPoint's consulting practice in Japan brought some 1,200 professional staff into PwC Japan and has positioned that firm as the leading provider of advisory services in Japan.

WilmerHale LLP and Linklaters acted as legal counsel to PwC and Jefferies & Company, Inc. acted as PwC's financial advisor on the transactions.