PwC’s government business gets new name after $1 sale to private equity

PwC Australia’s government business will become a new company called Scyne Advisory after the embattled consulting giant offloaded it to private equity firm Allegro Funds in a $1 fire sale, seeking to move on from itsScyne is set to be fully independent of the scandal-rocked consulting firm and will take on 1750 PwC employees, Allegro said in a statement on Tuesday morning confirming the binding deal.

Public work represented about 20 per cent of PwC’s revenue for the 2023 financial year. The transaction is expected to be completed by the end of August. “Making sure that we can hand on heart say that our team are free of those conflicts is a really critical element of our business model going forward.”Australian Public Service code of conduct

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