Teneo has reached an agreement to acquire the business restructuring services unit of PwC Australia, marking a significant expansion for the global CEO advisory firm in the Australian market. The transaction will see approximately 80 PwC employees, including the unit's leadership, join Teneo
As part of the deal, Stephen Longley, who has led the PwC restructuring team for the past four years, will be appointed Head of Financial Advisory Australia at Teneo. He will report to Daniel Butters, the CEO of Teneo’s Financial Advisory business. The new team will focus on financial advisory services, including local and international restructuring and insolvency cases
This acquisition is a key step in Teneo's strategy to build out its financial advisory capabilities globally. It follows a similar move in 2021 when the firm acquired Deloitte’s UK restructuring business. With this latest addition, Teneo's Financial Advisory practice now numbers nearly 600 employees worldwide.
"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.
The move provides Teneo's Financial Advisory business with a substantial platform in Australia, complementing its existing Strategy & Communications practice in Sydney and Melbourne. The firm plans to use the acquisition to enhance its presence in those cities and to open its first office in Brisbane.
For PwC Australia, the transaction sees a key team move to a new firm. "We are pleased to finalize this important transaction which will see our business restructuring services partners and team join Teneo," said PwC Australia CEO Kevin Burrowes. "We look forward to working with Teneo on a seamless transition for our clients, people and partners."
The integration of the PwC team into Teneo’s structure aims to create a scaled advisory service for companies facing critical events in the Australian and broader APAC market. "We see significant opportunity both in the Australian market and the wider Asia-Pacific region for a critical events advisor of scale, and this acquisition gives us an outstanding platform for growth," said Daniel Butters.
SOURCE: Teneo
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