OREANDA-NEWS. September 30, 2015. PA Consulting Group (PA), a consulting, technology and innovation firm, and Global Alternative Asset Manager The Carlyle Group (NASDAQ: CG), today announced that they have signed an agreement for Carlyle to invest in PA for a 51% shareholding of the company. The investment values PA at \\$1Billion and is expected to close in December 2015, subject to regulatory and pension approvals and a shareholder vote scheduled for November 2015.

PA is a leading consulting, technology and innovation firm that has made the difference for businesses, governments and communities worldwide since 1943. PA has produced impressive results before and since the financial crisis and is successfully delivering on an ambitious growth strategy across Europe, the Americas and the Middle East. The partnership with Carlyle will enable PA to build on this success and to accelerate its growth plan through geographic expansion and the acquisition of consultant teams and smaller firms. Importantly, the investment will allow PA to retain independence, alongside current culture, brand and values. The continued share ownership by PA employees is a key feature of the transaction.

Capital for this investment will come from Carlyle Europe Partners IV (CEP IV), a European-focussed upper-mid market buyout fund. CEP IV has made four other investments in European companies as of 1 September 2015.

Alan Middleton, CEO of PA Consulting, said, "PA has made the difference for our clients and communities worldwide for over 70 years. Carlyle's global reach, business connections and M&A experience will support a step-change in our rate of growth and allow us to continue to maintain our independence and track record for high quality innovation and delivery for our clients."

Marcus Agius, Non-Executive Chairman of PA, commented, "Carlyle have an established reputation for building value through developing the investments they make and our discussions have borne fruit because the PA team have recognised a cultural affinity between the two groups. Both of us recognise the value of partnership and, in particular, the sharing of value created."

Eric Kump, Managing Director of Carlyle Europe Partners, said, "PA is at the inflexion point of a new growth phase, and we are excited to support the leadership's ambitious plans."

Alex Stirling, Director of Carlyle Europe Partners, commented, "The consulting sector is going through an exciting phase of development. We have long admired PA's renowned reputation for delivering exceptional results to clients in both the public and private sectors, and for scaling world class innovation from its Technology Centre in Cambridgeshire. We are delighted Alan and the team have agreed to partner with us and are excited about our future together as we look to grow the business globally."