Winner: KPMG

KPMG takes this year's Corporate Finance Deal of the Year Award for its expert work in sealing the acquisition of the motor insurance division of Provident Financial by GMAC Insurance Services, the financial arm of general Motors.

Armed with knowledge that GMAC was looking to grow and diversify in the UK and Europe, KPMG seized the opportunity when the firm learned of the proposed sale of Provident Financial in January 2007.

After undertaking the research, KPMG quickly surmised it had to move quickly. Firstly to avoid a bidding war that could cause GMAC to pay over the odds, and secondly because Provident itself was looking for a swift transaction - but not any price. It wanted cultural fit and certainty of funding.

KPMG had to fight competition to represent GMAC, largely by demonstrating initiative in bringing opportunities to the notice of the company and for demonstrating a thorough market knowledge.

KPMG moved to put together a series of models looking at insurance, tax and corporate finance, which gave GMAC the chance to project future revenues and capital structures. The next step was to set up a number of meetings with Provident's management committee, the body that would play a major role in determining the outcome of the deal.

Our judges said: 'KPMG's work on acquiring Provident Financial for GMAC was a huge deal that beat the competition from the investment banks. They took the initiative, and the pace at which they got the deal through was extremely impressive. KPMG's knowledge of the market was clearly second to none.'

The £170m deal was finally accepted on 9 May 2007, just five months after the ball was set rolling. GMAC paid a fair price at just a few million more than the nearest rival. It also proved to be the largest insurance deal an accounting firm had advised on at the time.