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. Last Updated: 07/27/2016

PwC in $1.1Bln Deal

NEW YORK -- PricewaterhouseCoopers has signed a $1.1 billion, 10-year outsourcing agreement with a U.S. unit of energy company BP Amoco PLC.

As part of the deal sealed Wednesday, PwC will take over generic accounting and back office functions for the oil group's U.S. exploration and chemicals unit.

The contract marks the third time PwC and BP Amoco have struck such a deal, but this one is three to four times larger than any previous arrangement, Vales said.

Under the terms of the U.S. deal, some 1,200 BP Amoco employees would become full-fledged employees of PricewaterhouseCoopers. They would receive the same salaries they did at BP Amoco.