Stock Market News

TPG approaches EY about buying stake in consulting arm – FT

2023.08.15 15:21


© Reuters. The logo of Ernst & Young is seen in Zurich, Switzerland November 13, 2020. REUTERS/Arnd Wiegmann/file photo

(Reuters) – Private equity group TPG Capital has approached accounting giant Ernst & Young (EY) about buying a stake in its consulting arm, Financial Times reported on Tuesday, citing a letter it had reviewed.

TPG outlined its plan for a debt-and-equity deal to separate the consulting arm from EY’s audit business in a letter sent to the firm’s global and U.S. bosses, the FT report added.

TPG and EY did not immediately respond to Reuters’ requests for a comment.

In September last year, EY announced its plans to split its audit and consulting units into two companies after regulators voiced concerns that the audit arm would not do its job fairly for its client if it also employed EY as a consultant.

But the plan, code-named “Project Everest”, faced resistance from some of EY’s partners. The company said its U.S. executive committee decided not to move forward with the split, and in April this year called off the plan.

Later that month, the U.S. arm of EY, one of the Big Four accounting giants, also said it was shedding 5% of its workforce, affecting around 3,000 of the company’s U.S. employees.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 64,283.22 1.40%
ethereum
Ethereum (ETH) $ 2,653.96 0.13%
tether
Tether (USDT) $ 0.999794 0.06%
bnb
BNB (BNB) $ 606.42 0.24%
solana
Solana (SOL) $ 152.99 5.51%
usd-coin
USDC (USDC) $ 0.999899 0.04%
xrp
XRP (XRP) $ 0.591244 0.92%
staked-ether
Lido Staked Ether (STETH) $ 2,653.22 0.10%
dogecoin
Dogecoin (DOGE) $ 0.109516 1.17%
the-open-network
Toncoin (TON) $ 5.62 0.51%
cardano
Cardano (ADA) $ 0.386392 6.22%
tron
TRON (TRX) $ 0.15121 0.80%
avalanche-2
Avalanche (AVAX) $ 28.19 2.80%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,129.24 0.10%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 64,205.20 1.46%
shiba-inu
Shiba Inu (SHIB) $ 0.000015 2.49%
weth
WETH (WETH) $ 2,654.72 0.16%
chainlink
Chainlink (LINK) $ 12.16 6.66%
bitcoin-cash
Bitcoin Cash (BCH) $ 347.86 1.48%
polkadot
Polkadot (DOT) $ 4.64 4.12%
near
NEAR Protocol (NEAR) $ 5.35 3.99%
dai
Dai (DAI) $ 1.00 0.03%
uniswap
Uniswap (UNI) $ 6.92 1.22%
leo-token
LEO Token (LEO) $ 5.56 0.16%
litecoin
Litecoin (LTC) $ 66.64 0.72%
sui
Sui (SUI) $ 1.75 13.48%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.71 3.84%
internet-computer
Internet Computer (ICP) $ 9.39 7.98%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,779.20 0.06%
aptos
Aptos (APT) $ 8.18 3.13%
bittensor
Bittensor (TAO) $ 549.55 0.85%
kaspa
Kaspa (KAS) $ 0.164589 0.18%
pepe
Pepe (PEPE) $ 0.000009 6.35%
monero
Monero (XMR) $ 168.40 1.98%
first-digital-usd
First Digital USD (FDUSD) $ 0.997042 0.34%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.409216 0.64%
blockstack
Stacks (STX) $ 1.96 6.36%
ethereum-classic
Ethereum Classic (ETC) $ 19.42 1.46%
stellar
Stellar (XLM) $ 0.096675 0.43%
immutable-x
Immutable (IMX) $ 1.77 1.74%
ethena-usde
Ethena USDe (USDE) $ 0.999384 0.01%
aave
Aave (AAVE) $ 166.31 3.61%
render-token
Render (RENDER) $ 6.26 0.48%
okb
OKB (OKB) $ 40.08 0.17%
crypto-com-chain
Cronos (CRO) $ 0.086646 1.07%
filecoin
Filecoin (FIL) $ 3.85 2.27%
arbitrum
Arbitrum (ARB) $ 0.613908 2.34%
hedera-hashgraph
Hedera (HBAR) $ 0.057743 0.28%
injective-protocol
Injective (INJ) $ 21.93 2.31%
mantle
Mantle (MNT) $ 0.631113 0.36%