Administration May 11, 2003

Mellon to Buy Unifi

November 29, 2001(PLANSPONSOR.com) - Mellon Financial Corporation will acquire the human resources outsourcing and consulting businesses of Unifi Network, a PricewaterhouseCoopers subsidiary.
Reported by

The combination of Unifi, and Mellon’s Buck Consultants and Mellon Employee Benefit Solutions (MEBS) businesses, will consolidate Mellon’s position in the human resources outsourcing area.

Unifi, with revenues of $351 million in the year ending June 2001, was created following the 1998 merger of Coopers & Lybrand (C&L) and Price Waterhouse. Its employees, products and services will now be incorporated directly into Buck and MEBS.

The approximately $275 million transaction, which will be an all-cash deal, is expected to close early in the first quarter of 2002. Other terms of the agreement were not disclosed.

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