Clayton, Dubilier & Rice and PwC have announced an agreement under which CD&R funds will acquire PwC’s Global Mobility Tax and Immigration Services business.
“We are excited for the opportunity to become a free-standing organization and partner with CD&R to build on our market leadership and drive more value for clients,” said Peter Clarke, Global Managing Partner for Global Employee Mobility at PwC, who will be CEO of the new company. “The pandemic proved that global employment issues remain a key challenge for companies, especially as compliance requirements become more complex. Our partnership with CD&R will allow us to accelerate our technology investments to offer what our clients are asking for: an integrated digital experience across the entirety of the talent mobility ecosystem. These technology investments along with our new global operating model will support an even more differentiated service experience for our clients with the same laser focus on the quality and confidentiality of the services we provide to our cross-border employee clients, while providing expanded and rewarding career opportunities for our team.”
“CD&R has a longstanding track record of executing global carve-out transactions helping companies transition from corporate ownership to independent models,” said Stephen Shapiro, a CD&R partner. “We believe, as a free-standing platform, PwC’s Global Mobility Tax and Immigration Services business will be positioned to increase its value proposition to its world-class client base.”
“The Global Mobility Tax and Immigration Services business has significant global capabilities to support emerging trends and complexities in talent mobility. The business is well positioned to capitalize on the future growth of global employee mobility, as companies and economies rebound from the pandemic. The return of business travel, emerging mobile work patterns, and the heightened need for compliance in a complex business and regulatory environment will drive significant need for a globally integrated provider with a sophisticated digital platform,” said Russ Fradin, CD&R Partner and former CEO and Chairman at Aon Hewitt, who will become board chairman of the new independent company upon close. “We are excited to partner with a very talented team to unlock their potential as a free-standing enterprise.”
“The best interests of our clients, people and partners have been at the forefront of this transaction and I’m confident that, with CD&R’s backing, the new business will be well equipped to grow and meet the developing needs of its clients of all sizes and in all segments around the world,” said Bob Moritz, Global Chairman of PwC. “This sale will allow PwC to increase its investment in and prioritize building capabilities relevant to our global strategy – The New Equation. I’d like to thank the partners and people involved for their great work and wish them well for the future.”
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