BDO UK and BDO Ireland in advanced merger talks
BDO UK and BDO Ireland are in the concluding phase of discussions to merge – subject to partner vote, regulatory approval and completion.
The potential merger would be a genuine landmark moment for both businesses and highlights a clear ambition for growth. It would create one of the biggest accountancy firms in Europe focusing on the entrepreneurial, growing and ambitious mid-market heartland.
Once agreed, the new firm will meet the evolving needs of the market, with clients increasingly looking for advice and support on more complex cross border issues as they grow.
BDO’s people will also benefit from the deal with increased investment and opportunities for working across the organisation and internationally.
The new organisation would bring together the Irish offices in Dublin and Limerick with the UK firm’s existing 18 locations. It would create an international business with revenues of nearly £1.1bn (€1.26bn) and 8,500 employees. The enlarged firm would have 542 partners.
The merger would build scale and broaden BDO’s offering across audit, tax, deals and consulting, risk & outsourcing across a range of growth sectors across the UK and Irish economies.
Following completion, the merger would generate better returns on investments and will help unlock the further growth ambitions of BDO and the businesses it works with, as well as for talent and technology.
The enlarged firm would remain part of the US$15bn BDO International network, which spans 166 counties and territories and has more than 119,000 people working out of 1,800 offices worldwide.
Mark Shaw, Managing Partner at BDO UK, said: “This would be a landmark merger for both firms and demonstrates the ambition we have for our business, our people and our clients.
“Our client heartland is the ambitious, growing and entrepreneurial mid-market. These businesses are increasingly looking for support on a range of cross-border issues. In this environment, where markets are more inter-dependent than ever, it makes sense that we look at ways to collaborate even more closely with our international colleagues – hence this proposed merger.”
Brian McEnery, managing partner at BDO Ireland, said: “We have been discussing a merger built on a foundation of shared culture. From the start of our discussions, we agreed that a mutual commitment to our people, quality and integrity is as crucial to our long-term success as strategy and scale.
“BDO UK and Ireland have worked closely together for more than 40 years. For us, this is a logical step, one that is partner-led and brings us together as one team for the benefit of our people and our clients”.