Technology consultant BearingPoint Inc. said Friday it completed the spinoff of its Europe, Middle East and Africa (EMEA) practice.
The company's European management team acquired the EMEA practice from BearingPoint for $69 million. The practice will operate as an independent, private partnership and serve clients under the BearingPoint brand.
The company said that Peter Mockler will remain in charge of the EMEA practice group.
BearingPoint filed for Chapter 11 bankruptcy protection in February, plagued with debt and a Securities and Exchange Commission accounting probe in 2005.
Information technology company Computer Sciences Corp. last month agreed to buy BearingPoint's Brazilian consulting and systems integration business for an undisclosed amount.
Sourced from NBC News