KPMG stuns with French Atos sale.

Financial News, June, 2002

KPMG, the global accounting giant, shocked the industry Wednesday by spurning its US sister firm and selling its British and Dutch consulting units to the French computer services group Atos Origin. Atos, which is listed on the Euronext exchange in Paris, is paying [euro]657m ($615m), including [euro]422m in cash, for the businesses and will be rebranded Atos KPMG Consulting for the next two years.

Most observers had expected the much-anticipated deal to involve KPMG's US consulting arm, which floated independently 15 months ago. KCI, as it is known, was said to have had 'almost preferred status' but lost out to the rival bid. KPMG denied that the move undermined its claim to be a truly global network.