PricewaterhouseCoopers has received partner approval for the sale of PwC Consulting to IBM. PricewaterhouseCoopers said partners in the member firms of PricewaterhouseCoopers International Limited have voted overwhelmingly in favor of the $3.5 billion sale of the global management consulting and technology services unit to IBM.

In addition, the Hart-Scott-Rodino 30-day waiting period for IBM's acquisition of PwC Consulting expired on September 9, 2002, without a request for additional information. The proposed transaction still requires approval from the European Commission and other regulatory authorities.

The approval of PricewaterhouseCoopers' member firms and their partners was one of several steps necessary to complete the transaction with IBM. All closing conditions, including obtaining regulatory approvals, are expected to be satisfied around early October 2002.

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