Two local professional services firm will merge to become one of the largest companies in the Philippines offering audit, assurance, tax, consulting, advisory, actuarial, corporate finance and legal services.
Punongbayan & Araullo (P&A) and Navarro Amper & Co. (NA&Co.), which represents Deloitte Touche Tohmatsu Limited (Deloitte) locally, have signed a memorandum of agreement (MOA), in which the two firms will enter into a definitive agreement toward combining their respective existing practices into a single combined partnership.
Upon the merger, the firm will be known as Punongbayan Amper & Co. and will be a member of the international network of Deloitte, the largest Big Four professional services firm in the world.
Eventually, the combined firm will be one of the largest professional services firms in the Philippines. Together, the merged company will have total annual revenues of P1.2 billion, with 34 partners and total personnel of more than 1,000.
During the MOA period, both parties will conduct due diligence on their respective businesses, with the merger to be completed by July 1, 2014.
While the definitive agreements are being finalized, both firms will continue to serve their respective clients separately, and will remain focused on providing clients with the quality service they have come to expect.
“We are pleased to have reached this agreement with P&A. When this transaction is completed, the combined firm will be an even stronger player with deeper capabilities, high quality resources, and a renewed presence in the marketplace,” Chaly Mah, chief executive officer of Deloitte Southeast Asia, said.
“This merger is a key part of our strategic growth plan and we will continue to look for similar strategic opportunities in emerging and high growth markets to expand our business and become an even stronger player in the marketplace,” Mah said.
Deloitte provides audit, tax, consulting and financial advisory services to public and private clients spanning multiple industries.
With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges.