PwC China plans to spin off its Dark Lab cyber security arm in a private buyout deal, as it seeks to improve liquidity and navigate the fallout from its audit of failed Chinese property developer Evergrande, reports London's Financial Times.
pwc China's board and Dark Lab's management have been evaluating bids in recent weeks, said three people familiar with the process. There is no certainty of a deal, but the rare partner-led spin-off now being favoured could generate about US$128 million - $256 million, with a final price still to be negotiated.
The business unit, with more than 200 staff, offers cyber security consulting services regionally and globally, including simulations of hacking scenarios, according to its website.
The buyout deal has been marketed to private equity funds and investment banks for help with funding, according to bankers privy to the deal. However, major global funds have shown caution given the regulatory sensitivities surrounding China's cyber security sector, they said.
SeaNews Turkey
pwc China's board and Dark Lab's management have been evaluating bids in recent weeks, said three people familiar with the process. There is no certainty of a deal, but the rare partner-led spin-off now being favoured could generate about US$128 million - $256 million, with a final price still to be negotiated.
The business unit, with more than 200 staff, offers cyber security consulting services regionally and globally, including simulations of hacking scenarios, according to its website.
The buyout deal has been marketed to private equity funds and investment banks for help with funding, according to bankers privy to the deal. However, major global funds have shown caution given the regulatory sensitivities surrounding China's cyber security sector, they said.
SeaNews Turkey
