According to information obtained by the News, CVC Capital Partners is one of the buyout companies getting ready to submit bids for the majority of Grant Thornton UK.
The early stages of the process might lead to the largest transaction in the UK audit business to date, with the accountancy group valued at between £1 billion and £2 billion.
But the reason CVC is so interested is that it already owns Teneo, a professional services company that handles financial restructuring, administrations and liquidations of companies, and public relations.
The latter portion of the company was purchased in 2021 from the massive professional services company Deloitte, in part because to the increasing problem of disputes between the audit and consulting divisions of huge accountants.
This past weekend, a City analyst warned that similar conflicts would arise again if Teneo’s financial restructuring division and Grant Thornton UK shared ownership.
Teneo has been owned by CVC since 2019, and it is anticipated that the company will look to depart within the next several years.
