A letter sent to clients and signed by Paolo Scelsi, managing partner of BDO in Italy, and Mazars in Italy managing partner Simone Del Bianco has announced the transfer of both firms’s audit, accounting and consulting services into BDO Italia S.p.A.
The letter seen by International Accounting Bulletin announced that on the 23 July 2015 both BDO S.p.A and Mazars S.p.A had "transferred" their activities in audit, accounting and consulting to BDO Italia S.p.A.
Del Bianco signed the letter under BDO Italia S.p.A’s name.
It is unclear what is meant by transfer. BDO Italy, Mazars Italy as well as their respective international networks were not immediately available for comment.
However Prof. Mario Notari, the notary who oversaw the transaction confirmed to International Accounting Bulletin the transaction had taken place.
This would leave Mazars in Italy with only the following service lines: compliance, tax and business oriented publications.
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If the information is correct, this would mean that BDO could potentially double its size in in Italy.
According to International Accounting Bulletin’s latest Italy survey, BDO ranked fifth, reporting total fee income of €49.1m ($54.7m) in the year to 31 August 2014 and Mazars ranked sixth with revenues of €41m in the same year.
With the merger BDO Italia would occupy a gap between the Big Four and the rest of the mid-tier, as Grant Thornton ranked seventh ranked with revenues of €31.1m.
Amended on 21/08/2015: The table estimating revenues of the top 8 firms in Italy post BDO and Mazars merger has been updated as the base on which the original estimate had been calculated was erroneous