Teneo acquires PwC’s Australia restructuring unit to expand financial advisory presence

(Reuters) -Teneo said on Thursday it has acquired the Australia business restructuring services unit of auditing firm PwC, as the management consultancy seeks to expand its financial advisory presence in the region.

Under the deal, about 80 members of PwC’s Australia business restructuring services team will join Teneo and will provide wide range of financial services in the country, including expertise in local and international restructuring and insolvency situations.

Stephen Longley, who has led PwC’s Australia business restructuring services team for the last four years, will become head of financial advisory Australia at Teneo, according to a company statement.

“We see significant opportunity both in the Australian market and the wider Asia-Pacific region for a critical events advisor of scale, and this acquisition gives us an outstanding platform for growth,” said Daniel Butters, CEO of Teneo’s financial advisory business.

Teneo’s financial advisory division currently employs nearly 600 people globally, providing services including business restructuring, corporate insolvency, and bankruptcy, among others.

Teneo plans to open its first Australian office in Brisbane in the coming weeks. The company did not disclose the deal’s value.

(Reporting by John Biju in Bengaluru; Editing by Tasim Zahid)