BusinessCorporate FinanceCreation of world’s third largest independent accountancy alliance moves step closer

Creation of world’s third largest independent accountancy alliance moves step closer

The proposed deal is still “subject to the execution of a definitive agreement with board and membership approval”

THE WORLD’S third largest association of independent accounting and consulting firms looks set to be forged by the end of 2016 if the merger of Allinial Global and IAPA International gets a formal seal of approval.

Surrey-based IAPA International (IAPA) and the US-based Allinial Global have signed a letter of intent to merge in a bid to create a joint body boasting 300 members in 79 countries with an annual fee income of $2.6bn (£1.8bn).

The proposed deal is “subject to the execution of a definitive agreement with board and membership approval”.

Stephen Hamlet, IAPA CEO, said: “Our associations complement each other so well–from our strong global representation and diverse cultures, to our combined geographic footprint which will provide an extended global reach to resources from 300 firms worldwide.

“Opportunities to unite two highly respected and complementary organisations do not come along too often; and I look forward to working with my new and current colleagues from both associations to achieve this combination.”

The 200 member IAPA was formed in 1979 and has a presence in 69 countries with a combined fee income of $1.1bn.

Georgia-based Allinial, was established in 1969 and has 97 member firms in 13 countries with a combined annual net income of $1.6bn.

 

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