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...The US arm of accounting firm Grant Thornton has agreed to sell a majority stake to the investment group New Mountain Capital, in the largest of a wave of private equity deals that are reshaping the sector...
...The retirees’ decision to hire lawyers represents an escalation of the fight, even though individuals on both sides continue to describe talks as “productive” or “professional”....
...Griggs said that having tax under one umbrella reflected how clients bought services from PwC....
Accounting firm recently agreed to sell a majority stake to New Mountain Capital
...H&F’s investment also underscores the growing interest of private equity in professional services firms, and represents a return to large-scale dealmaking in the US accounting sector after a hiatus caused...
...EY piled more than $700mn of extra debt on to its global operating business to deal with the costs of the failed plan to spin off its consulting arm, according to newly filed accounts....
...Its audit and assurance arm will remain as a standalone unit....
...The deal was one of several recent examples of private equity firms investing in the professional services industry....
...rise was driven by a dearth of competition in the UK audit market, extra financial reporting requirements and auditing standards, and accounting firms seeking to boost the profitability of their audit arms...
...The approach underlines private equity interest in the sector and comes after several firms made investments in professional services businesses in the US and Europe....
...“We are in a new era of realising that these partnerships have attractive alternatives,” said Peter Munzig, a partner at TPG, one of the most active dealmakers in professional services....
...The Dutch arm of KPMG was on Wednesday fined $25mn by the Public Company Accounting Oversight Board, the largest penalty in the US audit regulator’s history....
...The succession comes at a turbulent time for the professional services sector....
...“In a way it’s an arms race,” Russell Hardy, chief executive of Vitol, the world’s biggest oil trader, told the FT Commodities Global Summit in Lausanne this month....
...It follows a broader trend in professional services....
...It comes on top of the 800 redundancies Deloitte announced in September — later reduced to about 700 — as professional services firms contend with slowing demand from clients and rising costs amid a tougher...
...Their ability to do business in the country is in large part owing to an exemption for companies being allowed to offer professional services to their own subsidiaries in Russia, while being banned from...
...Grant Thornton attained “modest” growth in its advisory and tax divisions, and said it had made “significant gains” in its audit arm where sales jumped 16 per cent to £213mn during the period....
...The roll out highlights how the professional services industry is increasingly adopting generative AI to automate tasks....
...Arm’s $5bn initial public offering this week was the most expensive in fees for five years, earning a $84mn windfall for the professional services firms that advised it, including Deloitte....
...EY recently launched an “employee time out initiative” in its financial services consulting arm, allowing staff not on assignment to take four to 12 weeks of unpaid leave over the summer months....
...Instead it has pursued an “arms dealer” approach that allows it to sell content to various streaming services....
...The deal was one of several recent examples of buyout firms investing in the professional services industry....
...Activist hedge funds often buy modest stakes in listed companies then strong-arm their targets into selling themselves at a premium....
...The European Commission, the bloc’s executive arm, announced official probes on Monday into whether Apple and Google owner Alphabet were unduly favouring their own app stores, as well as Facebook owner Meta...
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