PwC partners ready for £100k payout following £1.8bn sale of mobility services arm
UK partners of PricewaterhouseCoopers (PwC) are set to get a hefty payout after the accounting giant sold its mobility services arm for $2.2bn (£1.8bn) earlier this year.
According to reports by Mark Kleinman for Sky News, the firm’s 950 UK-based partners will be handed an average of just over £100,000 each.
Insiders said partners were told about the £100m payout by Kevin Ellis, PwC’s UK chairman, earlier this month, and a further £100m is expected to go towards the company’s growth and technology projects.
In a statement given to Sky News today, Ellis said: “As with any partnership there is always a balance to be struck between investment to underpin future growth and making a distribution to the partners as owners of the business.
“Half of the proceeds will be invested in growth opportunities linked to our people, technology and strategic programmes, including our ‘Next Generation Audit’ approach, to strengthen our partnership into the future.”
PwC officially sold its Global Mobility Tax and Immigration Services business to the private equity titan Clayton Dubilier & Rice back in April. The arm of PwC has approximately 3,000 multinational clients worldwide.