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August 3, 2010

E&Y Brazil confirms Terco combination

Ernst & Young Brazil has confirmed it will
join forces with former Grant Thornton firm Terco, creating a firm
with 3,200 professionals that has the second largest share of
Brazil’s listed audit market.

The firm will be known as Ernst & Young
Terco and the acquisition will become effective in October, subject
to regulatory approval.Big Four coverage icon

Ernst & Young Terco will have 11 offices
in Sao Paulo, Rio de Janeiro, Porto Alegre, Curitiba, Blumenau,
Campinas, Salvador, Recife, Brasilia, Belo Horizonte, Goiania.

The firm will provide assurance, advisory, tax
and transaction advisory services to fast growing domestic
entrepreneurial companies and multi-nationals.

Jorge Menegassi will be the firm’s chief
executive and Luiz Frazão will be chief operating officer. Mauro
Terepins, from Terco, will assume a vice-presidency role.

Middle market leader

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Terco has established itself as a leading firm
to the middle-market sector with more than 1,400 clients. Terco
reported fee income of BRL111m ($63m) in the year to 30 September
2009, and had 21 partners and 630 professionals. In addition to
buying market share, E&Y will gain a prominent position serving
Brazil’s entrepreneurs, an important sector for foreign

Steve Howe, Ernst & Young’s Americas
managing partner, commented: “Mauro Terepins founded and built
Terco to be the pre-eminent organisation serving high-growth
middle-market companies in Brazil. It is wonderful to welcome
him and his entire team and to have Mauro in the critical
leadership role of managing partner for markets for the combined
Ernst & Young Terco firm.”

E&Y is investing significant money to
build market share in BRIC countries. E&Y has the largest firm
in India and says it is the largest firm in Russia – a claim this
publication can not verify due to a lack of transparency. E&Y
is the second-largest firm in China. In Brazil, PwC has more than
3,200 professionals and the Terco buyout means E&Y has a
similar sized workforce (see graphic below). Deloitte is the
largest firm in the country.


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