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Grant Thornton Continues Its Andersen Acquisitions

Grant Thornton has added to its list of acquired offices, clients, and personnel from former Big Five firm Andersen with the acquisition of Andersen's Raleigh, N.C. office as well as additional partners and staff from Andersen's Boston, Chicago, and San Francisco offices.Grant Thornton (GT) previously acquired Andersen offices in Albuquerque, NM; Charlotte and Greensboro, NC; Columbia, SC; Milwaukee, WE; Orlando, FL; and Tulsa, OK.
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Andersen Staffers to Find New Home at KPMG Consulting

KPMG Consulting has announced that it has signed a definitive agreement to hire 140 partners and 1,400 staff of Andersen Consulting's U.S. operations.When the deal goes through, expected later in July, KPMG Consulting will pay Arthur Andersen LLP $63 million for the acquisition of the practice.
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KPMG Unloads UK and Dutch Consultancy to Atos Origin

KPMG has agreed to sell its British and Dutch consultancy wings to Atos Origin, a European business consultancy group for around 657m euros in cash and shares.The proposed sale to Atos will create a group with 30,000 employees generating annual revenues of 3.7 billion euros. But for KPMG, it represents a shift away from the strategy to build an independent global consultancy.Selling off two of the largest member firms in its European consulting wing suggests that KPMG received an offer that was too good to refuse.

IIA Forms New Group for Financial Services Auditors

On May 30, 2002, the Institute of Internal Auditors announced its merger with the National Association of Financial Services Auditors (NAFSA). The members of NAFSA voted this week to dissolve their association, thereby finalizing discussions between the two organizations that had been in process for about two years.
Community News

Auto Dealership Niche Expands For Dixon Odom

One of the largest CPA firm auto dealership niches, that of Dixon, Odom & Co., a top 30 CPA firm, continues to grow with the expected June 1, 2002 merger of the George B. Jones Companies.Dixon Odom’s North Carolina-based Dealer Services Group expects the Memphis-based George B. Jones Companies will provide expansion in its depth of service offerings and experience to the dealership industry. George B.
Community News

Deloitte Grabs Andersen Tax Practice, Other Offices Sold as Well

Big Five firm Arthur Andersen LLP, fighting for its life in a Houston courtroom, took time late last week to announce that approximately 2,000 professionals, including nearly 200 partners, all members of the firm's U.S. tax practice, will join Big Five rival Deloitte & Touche immediately. The terms of the deal have not been disclosed.

Microsoft to Acquire Navision For $1.33 Billion

Accounting software giant Navision has accepted an offer from Microsoft to purchase the Denmark-based company for cash and stock valued at $1.33 billion.Navision provides back-end software solutions to mid sized businesses with revenues from $5 million to $500 million through its software line, including Navision Attain®, Navision Axapta®, and Navision Financials®."Microsoft and Navision have had parallel lives, each with a deep belief in building long-term customer relationships achieved through lasting
Community News

PwC Dives Into Andersen Bidding Pool

Big Five firm PricewaterhouseCoopers (PwC) has kept a low profile with regard to displaying any interest in acquiring portions of Arthur Andersen LLP's U.S. practice. Until now. Reports have surfaced that PwC has offered to purchase Andersen's U.S. tax practice. Andersen is entertaining a bid by Big Five firm Deloitte & Touche to acquire a portion of the U.S. tax practice and the firms recently signed a letter of agreement to that effect.
Community News

Robert Half to Acquire Andersen Risk Consulting Group

Arthur Andersen LLP has signed a letter of agreement with Robert Half International (RHI) arranging for the transfer to RHI of a "substantial majority" of the firm's partners and other employees of the firm's U.S. Business Risk Consulting Services group. The Business Risk Consulting Services group offers services in areas of internal audit, technology risk consulting, and financial and commodity risk consulting.
Community News

Big Five Merger Will Create Canada's Largest Accountancy

Big Five firms Deloitte & Touche and Andersen inked an agreement last Friday to combine operations in Canada, forming Canada's largest accounting firm. Currently, Deloitte & Touche is the country's second largest firm behind PricewaterhouseCoopers.The merger is subject to a due diligence review, approval of the partners of both firms, and regulatory approval. It is expected that the combination will be completed by early June.The combined firm will operate under the name of Deloitte & Touche and will be headed by D&T Canada's current chief executive and managing partner, Colin Taylor.
Community News

Andersen UK to Merge with Deloitte & Touche

The latest news of mergers of Andersen overseas units with other Big Five firms features a surprise melding of Andersen-UK with Deloitte & Touche. Formerly it was reported that Andersen was in heavy conversations with KPMG regarding a merger of the UK operation, but in the end Deloitte won when KPMG reportedly backed out of the negotiations due to concerns about Andersen's legal problems.

Deloitte to Absorb a 'Significant Number' of Andersen Tax Professionals

Andersen announced on Thursday that a significant number of its U.S. tax partners and other professionals will join Deloitte and Touche. A memorandum of understanding outlining the plan was signed by Andersen. The deal is expected to be finalized by April 30."This transaction is fully consistent with our commitment to move quickly on the Andersen reforms initiated by Mr.
Community News

Andersen Worldwide Network Continues to Disintegrate

In the latest disintegration report of post-Enron Andersen, Big Five firm Deloitte Touche Tohmatsu has confirmed plans to merge with Andersen's Spanish faction. The decision by Andersen Spain - long considered to be the "crown jewel" of Andersen's European member firms - to go with Deloitte would seem to be the death knell to any plans for a nearly-worldwide KPMG/Andersen merger.
Community News

Andersen's Global Network Merger Plans Unravel

Hopes for a global merger of Andersen's powerful worldwide network with one of the other Big Five firms are already a distant memory. As late as last week, observers were waiting for an announcement of a sweeping worldwide merger between Big Five giant KPMG and the non-U.S. operation of beleaguered Andersen.
Community News

E&Y and PwC Join KPMG in Picking Up Andersen Pieces

Earlier this week the news was that Andersen Worldwide was in negotiations to merge the non-U.S. Andersen practices into KMPG.
Community News

Andersen and KPMG Close to a Merger Deal Outside US

Big Five firms Andersen and KPMG have confirmed that they are participating in discussions surrounding merger opportunities whereby KPMG would acquire the non-U.S. operations of Andersen.
Community News

More Andersen Clients Flee; Merger Talks Surface Overseas

Big Five firm Andersen is facing almost daily defections of major clients as publicly held companies jump ship in search of another auditor. The latest defections include pharmaceutical group Wyeth, consumer product-maker Sara Lee Corp., drug and medical-product giant Abbott Laboratories, and recreational products manufacturer Brunswick Corp.Sara Lee paid Andersen nearly $38 million in fees last year, while the other three companies combined paid approximately $30 million in audit and consultancy fees.
Community News

Andersen Negotiating Merger; Volcker Announces Changes

Andersen is immersed in heavy negotiations with rival Big Five firms, hoping to reach an agreement to form some sort of business combination by the end of this week. Early reports indicated that talks with Deloitte Touche Tohmatsu were in advanced stages, but all of the other four accounting giants have been speaking with Andersen.
Community News

H&R Block Keeps on Growing

H&R Block has announced the acquisition of 44% of MyBenefitSource Inc., an Atlanta-based payroll, benefit, enrollment and administrative services firm. The terms of the acquisition include an option on acquiring the remaining shares of the firm.
Community News

Mellon Acquires PwC Unit for $275M

Pittsburgh-based Mellon Financial Corp. has agreed to acquire Unifi, a human resources consulting unit of PricewaterhouseCoopers. The acquisition will make Mellon the fourth-largest global provider of human resources consulting/administration services.The agreement calls for Mellon to pay PwC approximately $275 million in cash. Other terms of the agreement were not disclosed. It is expected that the arrangement will close early in the first quarter of 2002.Unifi, based in Fort Lee, N.J., was formed last year and reported revenue of $351 million in its first year of business.


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