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EY’s consulting business struggled after its ‘value destroying’ sale

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The sale of EY’s consulting business to Capgemini in 2000 was a ‘value destroying’ move, according to former leaders at both firms.

The sale of EY’s consulting business to French IT services company Capgemini in 2000 was a “value destroying” move, with culture shock and an unexpected economic downturn leading to mass job cuts less than two years after the deal, according to former leaders at both firms.to advise on a possible listing or sale of its consulting business.The troubled aftermath of the sale offers lessons for EY’s current partners as they contemplate splitting the firm.

An article from the Information section of January 3, 2002, edition of The Australian Financial Review.The Australian Financial Review& Another former EY and Capgemini partner said the deal had been “value destroying” for the shareholders in the French company. However, the terms of the deal dictated that only a portion could be sold when the deal was struck, with the remaining unable to be sold for more than four years.

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