PwC declined to disclose financial terms of the deal when contacted by this publication.

While the merger awaits approval from the Booz partners with a vote to come in December, both firms will continue with “business as usual”, according to PwC’s statement on its website. PwC has over 184,000 employees worldwide and is one of the largest international accounting firms, while Booz has around 3,000 employees according to the latter company’s website.  

The merger “would give CEOs the opportunity to work with a global consulting team that could provide services from strategy development right through to execution,” Dennis Nally, president of PwC, said.

The deal can be seen as a way PwC is looking to broaden its service offerings. At present, assurance accounts for about $14.76 billion of revenues in 2013 (source: PwC), while tax services account for $8.175 billion and advisory at $9.153 billion.

Booz & Co is a firm whose origins date back to the start of the First World War in 1914.

Both firms have, in recent years, produced substantial reports on developments in the wealth management industry that have been reported by this website.