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Mellon Acquires PwC Subsidiary Unifi

By @NY Staff

Pittsburgh-based financial services company Mellon Financial Corp. announced it would pay $275 million in cash to acquire Unifi, a human resources consulting unit of PriceWaterhouseCoopers.

With the acquisition of Unifi, a product of last year's merger of Price Waterhouse and Coopers & Lybrand, Mellon adds a human resources consulting element to its financial services. The company said Unifi would be combined with its Buck Consultants and Mellon Employee Benefit Solutions (MEBS) businesses.

The MEBS subsidiary, which maintains headquarters in New York City, outsources services that include defined contribution, defined benefit, and health and welfare plan services and programs.

Once the deal closes, Mellon said Unifi's human resources outsourcing business, comprising about 2,100 employees, will become part of MEBS, and its approximately 400-member human resources consulting business will become part of Buck.

Unifi, headquartered in New Jersey, currently maintains offices in the New York metropolitan area.