Deloitte’s restructuring arm has been acquired by global CEO advisory firm, Teneo.
The deal, which is subject to regulatory approval, will see Teneo launch a full restructuring arm -with 250 Deloitte staff members set to join its team.
Back in November, it was first speculated that the Big Four firm had plans to sell its restructuring until after claims it was experiencing a rise in activity due to the surge in coronavirus related insolvencies.
As part of the acquisition, head of Deloitte’s restructuring services business, Daniel Butters will become head of restructuring for Teneo; a new business segment that “will provide a wide range of services to help clients navigate periods of financial and operational underperformance or stress”.
Richard Houston, senior partner and chief executive at Deloitte UK, said: “We’re thrilled with this outcome. Our overriding priority throughout this process has been to ensure the stability and future success of the business as well as the individual progression and development of its talented partners and people.
“The deal announced today offers an exciting opportunity for that, and we wish Dan and the team every success for their future journey.”
Following the completion of the transaction, terms of which are not being disclosed, Teneo’s UK presence will increase to more than 600 staff in multiple advisory disciplines across Britain.
The Teneo restructuring team will operate from a network of London and regional offices.