GERMANY - Mercer Human Resource Consulting has entered into an agreement with PricewaterhouseCoopers Deutsche Revision to acquire the firm's actuarial and opinion activities unit at a time when German pension schemes are looking to update their arrangements.
The terms of the deal, which will see up to 33 PwC pension consultants and five support staff transfer to Mercer’s existing regional operations, were not disclosed.
The transaction is subject to approvals, including that of the German Cartel Office, and will give Mercer up to 230 employees in Frankfurt, Dusseldorf, Hamburg, Hanover, Munich and Stuttgart.
The move follows the completion of Mercer’s acquisition of KPMG’s pension consulting division in Germany earlier this year.
The addition of PwC’s actuarial opinions division, following the successful completion of the KPMG transaction, further strengthens and consolidates our retirement and benefits business in the key German market, said Edouard Merette, Mercer executive vice president responsible for European operations.
We have built an outstanding talent base in Germany and are strongly positioned to address the varied and complex retirement and benefits needs of domestic employers, German headquartered multinationals and global organisations with operations in Germany.
Two senior actuaries from PwC, Karl-Heinz Kilian and Stefan Oecking, will join Mercer’s German leadership group and will work closely with Marco Arteaga, Mercer’s country leader in Germany, to complete the integration of the PwC team.
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