PwC's planned merger with Booz & Company has received the official go-ahead from the partners in the US consulting company and the transaction will be completed early next year.

Approval by the Booz & Company partners went through on schedule and subject to completion of regulatory approvals, the two firms will combine in March 2014. The move is designed to strengthen PwC's global advisory practice

Booz & Company is widely regarded as the world's oldest management consultancy. Founded in 1914, the firm has been involved in numerous high profile deals, including the merger of the National and American football leagues in the 1970s and the creation of Deutsche Telekom after the reunification of Germany. It has around 3,000 employees and 130 partners worldwide, including 15 partners in the UK, and its revenues are around $1bn (£62m).

Dennis Nally, chairman of PricewaterhouseCoopers International said: 'The combination of PwC and Booz & Company will create the stand out professional services organisation in the world, working with a full range of stakeholders to build trust and solve important problems from strategy through execution.'

PwC member firms' partners are not required to vote on the deal.