Accenture pays $375M for KofP purchasing firm
Procurian seller ICG to focus on share buyback, cloud
Procurian Inc., which employs 780 - including 500 at its King of Prussia headquarters - arranging goods and services purchasing (procurement) for corporate clients (corrected), has agreed to be purchased by Accenture PLC, the multinational business consultant, for $375 million in cash, according to Procurian's owner, ICG Group Inc. of Wayne. ICG boss Walter Buckley praised Procurian chief Carl Guarino for making the firm attractive to clients, and to Accenture.
ICG expects to collect $324 milllion from the sale, and will use proceeds to boost its share-repurchase program by $100 million, the company said. The net gain -- after subtracting the cost of the investment and expenses -- will be an estimated $210-220 million. ICG (the former Internet Capital Group) also said it is focusing Its remaining investments on cloud-computing companies.
A team of lawyers headed by Henry Nassau, Steve Leitzell and Bart Winokur at Philadelphia-based Dechert advised ICG in the sale, as did Naveen Nataraj, Jim Birle, Fausto Borotto, Chris Keuler and Ryan Casserly of New York investment bank Evercore.
Joseph N. DiStefano | Columnist
Joseph N. DiStefano | Columnist
Joseph N. DiStefano | Columnist
Joseph N. DiStefano | Columnist
Joseph N. DiStefano | Columnist
Joseph N. DiStefano | Columnist
Joseph N. DiStefano | Columnist
Doug Ferguson, Associated Press
Faiyaad Kamal
Michael Casey, Associated Press
Christina Caron and Azeen Ghorayshi, New York Times
Coral Davenport and Rebecca Davis O’Brien, New York Times
























