PwC has sold its global mobility tax and immigration services business to Clayton, Dubilier & Rice (CD&R). The PwC business currently assists more than 3,000 multinational customers around the world with overseas staff moves.
According to the company, the deal – which some reports have valued at US$2.2 billion – ‘will create the independent leader in global mobility tax and immigration services for multinational organisations’.
It creates ‘a free-standing, global platform with more than 5,700 professionals hyper-focused on a seamless cross-border experience for clients, while accelerating investment in technology and new services’.
The business will be rebranded and led by CEO Peter Clarke, the current global managing partner for global employee mobility at PwC.
CD&R partner Russ Fradin, who will become board chairman of the new independent company, said it would be looking to take advantage of future growth in global employee mobility as economies and businesses recover from the effects of 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,’ he said. ‘We are excited to partner with a very talented team to unlock their potential as a free-standing enterprise.’
Clarke added: ‘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.’