Clayton, Dubilier & Rice Picks Up PwC’s Global Mobility Tax & Immigration Services Business

Private investment firm Clayton, Dubilier & Rice has made public a new agreement with Big Four consulting firm PwC to acquire its Global Mobility Tax and Immigration Services business, which is a global leader in employee tax, immigration, business travel, and payroll solutions for businesses and their employees. The terms of the deal were not publicly disclosed.

Serving over 3,000 multinational organizations, PwC’s Global Mobility Tax and Immigration Services business provides personalized tax and immigration services to traveling employees, helping organizations navigate international employment compliance. The acquisition will create a stand-alone global business with over 5,700 professionals dedicated to providing seamless cross-border employment experiences for clients, while growing investments in technology as well as new services and solutions. The business has over 50 years of history serving clients’ cross-border employment needs, recently enhancing its service offerings to better support the changing work environment brought about by the COVID-19 pandemic.

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Clayton, Dubilier & Rice has an established track record of successfully executing carve-out transactions that move companies from corporate ownership to independent working models. The firm has managed the investment of over $35 billion in more than 100 companies worldwide, with about 50% of the transactions led by CD&R being complex corporate carve-outs. The new business should be well-positioned to make the most of the future growth potential of global employee mobility, as international businesses adapt to new ways of working in an increasingly complex business environment.

Peter Clarke, the Global Managing Partner for Global Employee Mobility at PwC who is slated to become CEO of the new company once the deal closes, said, "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… 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."

The acquisition is expected to close in the first half of 2022, subject to closing conditions, with the new stand-alone business set to undergo rebranding once the transaction is completed.