08 April 2002 21:55 [Source: ICIS news]
HOUSTON (CNI)--Management consulting firm Charles River Associates (CRA) said Monday it successfully bid $7m (Euro8m) for the chemical and energy practice of Arthur D Little (ADL) in a US Bankruptcy Court auction.
An ADL spokesman said the sale has been approved pending the completion of definitive agreements later this week.
CRA said it anticipates the acquisition of the North American and UK operations of ADL's chemical and energy practice - including staff and projects currently under way - will close within 30 days.
According to ADL, bids of $94m were received for various assets of ADL, whose global management unit was purchased via a management buyout funded by Altran Technologies for $43m.
ADL said other assets that will be sold to maximise the return to the unsecured creditors.
CRA said the acquisition of Arthur D Little's chemical and energy practice would allow it to "expand greatly."
Said James Burrows, CRA's president and chief executive officer said in a statement: "During 2001, our existing chemicals and petroleum practice experienced robust growth. In furthering our strategy of international growth, the addition of the ADL staff based in London will more than double the size of CRA's UK office."
Charles River Associates is an economics, finance, and business consulting firm headquartered in Boston, Massachusetts.
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