PricewaterhouseCoopers to acquire Diamond Management & Technology Consultants for $378 Million

PricewaterhouseCoopers and Diamond Management & Technology Consultants, (Nasdaq: DTPI), a strategic management consulting firm, have entered into a definitive merger agreement whereby PricewaterhouseCoopers will acquire all of the outstanding common shares of Diamond for $12.50 per share in cash. The transaction represents a premium of 31% to Diamond’s closing stock price of $9.54 on August 23, 2010, and values Diamond at $378 million. Diamond will join the PwC Advisory practice, which ranks among the largest providers of consulting services globally.

Robert Moritz, US Chairman and Senior Partner of PricewaterhouseCoopers, said, “We are pleased to bring to PwC a group of highly talented professionals with a proven track record of consistently delivering world class service.  The acquisition reflects our long-standing commitment to provide the expertise and experience necessary to assist our clients in addressing their highest priority issues.”

Adam Gutstein, President and CEO of Diamond, said, “This is an attractive all cash opportunity for our stockholders, creates exciting prospects for our people, and will provide us new and enhanced capabilities to bring to our clients as we help to address their most critical challenges and important opportunities. There’s a clear strategic fit between PwC’s assets and aspirations and Diamond’s positioning. We have complementary cultures and very similar values, driven by a shared commitment to the highest levels of client service, objectivity, innovation, and impact.”

Diamond Management & Technology Consultants provides strategic management consulting services to help companies grow, improve margins, and increase the productivity of their investments.  Diamond’s consultants are experienced in helping clients attract and retain customers, increase the value of their information, and plan and execute projects that turn strategy into measurable results.  Diamond employs more than 500 consultants worldwide and has offices in Chicago, Hartford, New York, Washington D.C., London, and Mumbai.

The transaction, which has been unanimously approved by both companies’ boards, is expected to close in the fourth quarter of calendar year 2010, subject to customary closing conditions, including the approval of Diamond’s stockholders and antitrust clearance.

PricewaterhouseCoopers was advised by Perella Weinberg Partners and Davis Polk & Wardwell. Diamond was advised by Morgan Stanley and Winston & Strawn.

USA, New York, NY & Chicago, IL

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