PwC Sweden divests its Business Services division to the private equity firm IK Investment Partners.

PWC Sweden, a subsidiary of PWC, the network consulting holding providing assurance, advisory and tax services, announced getting into an agreement to divest its Business Services division to the private equity company IK Investment Parters.

The financial details of the transaction remain undisclosed and the Business Services’s partner group is also participating in the acquisition as shareholders.

Business Services will continue to operate under a new brand which will be developed during the upcoming months.

The Business Services division is the local market leader in accounting, payroll and related advisory services with 71 offices and approximately 1,100 employees across Sweden.

The entity was operated as a separate division within PwC, with over 27,000 small and medium-sized customers (SMEs) and a turnover of more than SEK 950M ($120M) in 2017, and a growth of 8% the last three years.

After the deal, PWC will focus on our audit, tax and advisory activities, with the remaining 3,000 employees at offices all around Sweden.