The news: Communications and consulting firm Teneo has agreed to acquire PwC’s Australia Business Restructuring Services unit, to create a new local financial services advisory business in Australia.
The numbers: While terms of the deal have not been disclosed, Bloomberg reports that Teneo is separately holding talks to bring in a new investor at a valuation of slightly above US$2 billion ($3.1 billion) CVC Capital Partners owns about 60% of the company, while management owns about 40%, the outlet reports.
The transaction will see around 80 members from the PwC restructuring arm join Teneo, including Stephen Longley who has led the team for the last four years and will become head of financial advisory, Australia.
The context: Teneo holds ambitions to continue its global expansion, which will see it open a new office in Brisbane and increase its Sydney and Melbourne presence.
Bloomberg reports that Teneo is on track to generate US$750 million in annual revenue.
AFR first reported on Teneo’s talks with PwC late last year.
What they said: “Australia has a diverse, innovative and growing economy, making it a critical market for Teneo as we continue to build our business across the Asia-Pacific region and around the world,” said Paul Keary, CEO of Teneo.
“Today’s acquisition rapidly advances our ongoing commitment to grow our existing operations in Australia, and we are excited to welcome PwC’s Australia Business Restructuring Services unit to our global Teneo team.”