UK and Swiss partners vote ‘overwhelmingly’ for 3.5 billion won merger

Friday, May 24, 2024 3:27 PM

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Big Four firm KPMG UK and its Swiss partner have decided to merge to create a US$4.4 billion ($3.5 billion) company.

It was revealed in December last year that KPMG, currently the smallest of the Big Four, had begun exploratory discussions with partners regarding a business merger plan with KPMG Switzerland.

Last Friday, the most European-focused of the Big Four got partners from both countries to sign off on the merger. The move makes the new firm the second-largest firm in the KPMG network.

In the UK, the company has a total workforce of around 16,000, and in Switzerland it has over 2,600 employees.

KPMG UK revenues increased 16% to $2.72 billion for the year ending September 30, 2022. The average payment made to KPMG's 786 UK partners during the financial year was 757,000.

The new partnership is expected to have its first day on 1 October this year, with group management appointments expected to be confirmed in due course.

The merger will see KPMG create a new limited liability partnership (LLP) uniting the equity partners of both firms, which will own the existing UK and Swiss companies.

Commenting on the decision, Jon Holt, CEO and Senior Partner at KPMG UK, said: “This is a historic moment for both companies.”

“We will be stronger as a single combined company, and together we will have the scale to significantly enhance our ability to deliver great results for our clients in both international and domestic markets.”

He added: “The merger delivers significant benefits to our customers, employees and partnerships and means we can now grow faster, increase profitability and invest together to create new services in a sustainable way.”

Stefan Pfister, CEO of KPMG Switzerland, said: “Together we will be more agile and able to deliver KPMG’s best-of-breed multi-discipline model and sector expertise to domestic and international clients, while maintaining local market understanding and execution. “It will,” he said.

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