IBM To Buy PwC Consulting For $3.5B

The monster deal, announced after the market's close, will join the $4.9 billion PwC technology and business consulting firm with the Armonk, N.Y.-based computer giant in a cash and stock deal.

Executives at both companies were scheduled to discuss details of the acquisition in a late-day conference call with press and analysts.

"Our consulting and services professionals will provide a powerful capability beginning with business innovation and extending through implementation to help clients improve their competitiveness and drive sustained growth and profitability," said IBM CEO Sam Palmisano in a prepared statement. "Together with the world-class innovations of IBM Research and our business partner offerings, this new business unit will deliver comprehensive end-to-end business and technology solutions."