The firm acted as lead adviser for Japan’s Toshiba Corporation on its
acquisition of Westinghouse from British Nuclear Fuels plc. The deal is thought
to be the largest involving an accounting firm as lead adviser.
The sheer size and global nature of the transaction could be a significant
watershed not only for
but for all the corporate finance arms operating out of accounting firms.
Global accounting firms have always had a presence on the largest deals.
Ernst & Young, for example, worked on the $15bn purchase of the Hertz
Corporation, while Deloitte advised Vodafone on its $15.2bn sale of Vodafone KK
to the Softbank Corporation, according to data compiled by mergermarket.
It is the lead advisory work on deals of this scale that has eluded
accounting firms, but Tim Stone, a consultation partner on the Toshiba deal,
believes that KPMG’s role in the transaction has established the firm as a
‘We have always had the ability to lead deals of this size, but it was just a
case of a business realising what we can do. After this deal we see ourselves
working on more strategically important deals,’ said Stone.
KPMG’s chief executive of corporate finance, Simon Collins, described the
transaction as a ‘redefining piece of business’.
‘This huge, high profile, cross-border deal is a redefining piece of business
for KPMG Corporate Finance. No-one can now say that
KPMG Corporate Finance
does not compete in the $1bn plus market,’ said Collins.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.