KPMG snaps up Andersen South Africa
The fight for Andersen's business continued today after KPMG snapped up the splintering firm's South African practice, just a day after losing the UK arm to Deloitte & Touche.
Andersen South Africa has signed a Memorandum of Understanding – which will result in all of Andersen’s assets being acquired and staff being employed by KPMG South Africa.
The news follows yesterday’s announcement that Andersen UK was joining with Deloitte, despite KPMG having spent three weeks in discussions with the troubled firm.
The South African firm joins the Pacific North West division of Andersen which was also snapped by KPMG. The deal will cover the Andersen offices in Seattle, Portland, Boise, Salt Lake City, San Francisco and Los Angeles.
A separate deal for the Boston office is also under negotiations, as are talks with Andersen in France, Germany and the Netherlands.
The South African office will trade under the KPMG banner, with both firm’s eager to point out that no client or staff losses have occurred in the country.
Tom Grieve, KPMG South Africa senior partner, said: ‘There is already a shared understanding across both senior management teams and a common vision of superlative service for our clients, and for an exciting future for our people and our communities.’
Daryll Jackson, country managing partner for Andersen South Africa, added: ‘We are delighted to have reached this level of understanding, which will have major benefits for our people and clients.’
Tom Grieve will remain chairman and senior partner of the enlarged firm, and Moses Kgosana will remain deputy chairman.