Another part of big four consulting firm PwC could soon have a new home.
Street Talk understands that the insolvency arm of PwC’s deals practice, known as Business Restructuring Services, is on the cusp of being sold to public relations and advisory company Teneo in a deal brokered by the big four firm’s veteran dealmaker Rob Silverwood.
The team of 14 partners and 75 staff is partly made up of the PPB Advisory team that joined PwC in 2018. Insolvency teams have a long history of moving in and out of the big four firms as they become frustrated at being constantly conflicted and out of work due to the broad client base of the larger firms.
The details of the deal are still being fleshed out between the parties, and the timeline remains unclear.
The negotiations come after CVC Capital Partners′ country head, Richard Blackburn, and Silverwood explored the potential sale of the transaction team within PwC’s deals business. PwC responded by making it clear the team was not up for sale.
Read the full story tomorrow and more on the Street Talk page.
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