Ernst & Young has acquired the largest mid-tier firm in
Brazil, Terco Grant Thornton.
The International Accounting Bulletin understands
negotiations were finalised in recent weeks and Grant Thornton
International was first told about Terco’s intentions to leave
yesterday.
Terco Grant Thornton reported fee income of BRL111 million
in the year to 30 September 2009. The firm has 21 partners and 630
professionals across five offices in Brazil.
It is likely that Terco will be integrated with E&Y
Brazil.
Grant Thornton International chief executive Ed Nusbaum
commented: “It is regrettable that the partners of Terco have
decided to sell to Ernst & Young. However, there will,
inevitably be changes to the make up of our organisation as we
execute on our global strategy.
“The recent developments in South Africa, China and elsewhere
bear testimony to the strength of our brand and our strong business
proposition. There will continue to be further realignments as we
go forward. We wish Ernst & Young well with their
acquisition.
“Strong brands are always subject to the
interests of others, we are no exception to this rule and have to
accept it as a mark of our success at building a differentiated and
strong organisation.”
