According to EY, 200 employees, and over 5,000 clients, of Frank Hirth will now form part of the acquired business. The transaction is subject to certain closing conditions and is likely to complete in the first half of 2021.
The firm said the deal is expected to “drive forward the EY ambition to be a leading organisation in private tax services”, and to provide clients with “high quality service, insights and experience as they face the increasing complexity of UK and US tax issues”.
Jeff Soar, managing partner, Tax and Law, UK and Ireland, Ernst and Young LLP, said: “Private businesses and their owners are the heartbeat of the UK economy and play an increasingly significant role in driving economic growth and prosperity.
“The potential acquisition of the business of Frank Hirth represents a significant investment and is a bold statement of intent, aiming to position EY as a leading organisation in providing private client tax services in the UK.”
He added: “It demonstrates the EY ambition, commitment, and dedication to exceeding EY clients’ expectations across the UK and the world. While the acquisition is subject to closing conditions, we look forward to the prospect of welcoming Frank Hirth’s team and clients to the EY organisation at what is an exciting period of ambitious growth and development.”