EC gives Deloitte/Andersen deal the nod
As expected, Deloitte & Touche has today been given the green light by the European Commission to transfer the assets of the UK Andersen business into its own portfolio.
A spokeswoman for the EC confirmed to Accountancy Age the deal would be allowed to go through.
Deloitte bid for Andersen’s UK business in April, after Andersen was unable to conclude a similar deal with KPMG.
The deal was referred to the European Commission on competition grounds.
The green light will jettison Deloitte into the UK’s second biggest audit firm and reduce the Big Five to just four large players.
Under the arrangement, Deloitte will take on all Andersen’s physical assets as well as remaining partners and staff. The Andersen name is set to be dropped later this year.p>More to follow.