KPMG and EY in Denmark have announced they "reached an agreement on all outstanding issues associated with their respective Danish practices" and that as of 1 July KPMG Danish practice will become part of EY.

The two firms first signed a merger agreement in November 2013.

Prior to the merger EY Denmark was ranked as the fifth-largest firm in the country and the merger will more than double its size, probably making it the second-largest.

EY Denmark last reported fee income of DKK615m ($111.8m), while KPMG, ranked as the third-largest firm, earned DKK1,546m in fees.

The Danish market has been known as fiercely competitive, with PwC merging with Grant Thornton Denmark in 2011, followed by Grant Thornton adding PKF Kresten Foged as its member. Also in 2011 Baker Tilly Denmark acquired KPMG Randers, which was one of KPMG’s operations in the country.

The details of the deal are confidential and KPMG is yet to announce a new member in the country.

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EY and KPMG look to merge in Denmark