KPMG Consulting, in Filing, Gives Details of Stock
Bloomberg News (08/07/00) Vol. 190, No. 2 p.84; Toonkel, Jessica

KPMG will sell most of its stake in KPMG Consulting in the initial public offering of its consulting unit in order to shield the consulting business from rules that determine the independence of auditors from their clients. While KPMG Consulting will offer 89.2 million shares in the IPO, KPMG and partners will contribute 235 million shares in the sale of 324.2 million common shares at $6.75 to $8.75 each. Although KPMG Consulting expects the IPO to raise as much as $2.83 billion, about $60 million could be used on the consulting unit. KPMG is the U.S. unit of KPMG International, which provides accounting, tax, and consulting services worldwide.


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