SYDNEY: PwC Australia said on Sunday it will sell its government practice to private equity firm Allegro Funds and appoint a new CEO, as the professional services firm battles the fall out from a major scandal.
PwC said it had entered an exclusivity agreement to divest its federal and state government business to Allegro Funds for A$1 after reports this week it had been looking to offload its government, education and healthcare practice. It said the divestment represented around 20% of revenue for fiscal 2023 and would impact “future size and operations”, but would allow it “to move forward with predictability and focus, and ensure stability”.
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