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Azets has acquired KPMG Sweden’s audit business for an undisclosed sum, marking the international advisory group’s entry into the Nordic audit and advisory market and doubling its presence in Sweden.
The deal includes audit, advisory and tax services for small businesses, selected services for mid-sized companies, and services for municipalities and regional authorities. As a result, 300 staff, including 14 partners, have joined Azets Sweden.
The acquisition expands Azets’ footprint to more than 30 cities across Sweden and is expected to raise its annual revenue in the country to SEK 1bn (£76.2m).
This is the first time Azets will offer audit services in the Nordic region. The move forms part of a wider strategy to grow the business to £1bn in annual revenue by 2027.
Azets already has operations in Norway, Denmark and Finland. According to the group, the acquisition was a springboard for further Nordic expansion, particularly in audit and advisory services.
The acquired business will become a new division within Azets Sweden focused on audit and advisory services.
Chris Horne, group chief executive at Azets, said: “This is a significant and symbolic step forward for Azets, as we lay the foundations for long-term growth across the Nordics. Sweden is our launchpad – but our sights are firmly set on building a leading audit, tax and advisory capability across the region.”
Carolina Brandtman, Sweden managing director at Azets, added: “Through this strategic step, we strengthen our ability to meet our clients’ growing need for financial services and qualified advisory support in a cohesive and locally rooted way.
“We warmly welcome 300 new colleagues with deep expertise. Together, we are shaping a strong, shared culture defined by client focus, competence, and commitment – one that will help us deliver long-term value to clients and grow together as one Azets.”
Mathias Arvidsson, partner and CEO of KPMG Sweden, concluded: “We are focusing our presence in Sweden on 12 locations to build a stronger KPMG. This will give us the strength to accelerate our offering and continue creating value for customers, employees, and society.
“The transaction, in collaboration with Azets, has been carried out with great professionalism and expertise. We wish Azets Sweden, along with the employees and clients who are now joining their operations, all the best and look forward to continued successful cooperation.”
