PracticeAccounting FirmsE&Y strengthens its hand in South America

E&Y strengthens its hand in South America

Ernst & Young has signed an agreement to merge with the Argentine firm of Pistrelli Diaz, to create a firm with revenues in excess of $100m (£70m) and professional staff numbering more than 1,500.

The deal follows hot on the heels of a similar agreement reached with Chilean firm Langton Clarke to form the largest accountancy firm in that country, with over 1,000 professional staff.

According to a statement from Ernst & Young, the deal in Argentina has the unanimous approval of partners at both firms.

Jorge Verruno, managing partner of Pistrelli said the firm’s partners were ‘highly satisfied’ with the deal, adding:

‘This integration is a positive move for both firms and will substantially strengthen our position and our capabilities in Argentina and Latin America as a leading professional services firm.’

Earlier today, E&Y announced it planned to complete a full merger with fragmenting Big Five firm Andersen for its practices in Latvia, Lithuania and Estonia.

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