Woods and Stewart will co-head the unit.
The deal does not include Ferrier Hodgson’s affiliate office in Adelaide, which has another six partners. It is understood KPMG is in advanced talks to also take on the Adelaide affiliate firm.
One Melbourne-based Ferrier Hodgson partner is leaving the firm to join rival Ernst & Young.
The deal is expected to see Ferrier Hodgson’s brand disappear, after more than 40-years. The firm has been involved in dozens of the country’s biggest distressed situations and financial restructures, including Allco Finance Group, One.Tel and Dick Smith.
The deal involves a payment to Ferrier Hodgson, however the price paid and nature of the payment is not known.
The acquisition is part of a move by KPMG – the smallest by of the big four consulting firms in Australia by revenue – to beef up its skills and presence in the turnaround sector. The Australian Financial Review first reported KPMG’s move on Ferrier Hodgson in November.
It also comes soon after rival big four firm PwC snapped up one of Ferrier Hodgson’s rival independent insolvency firms, PPB Advisory.
more to come
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