Arnold Bloch Leibler has advised global CEO advisory firm Teneo on its significant acquisition of PwC Australia's 84-person restructuring division. This strategic move marks a major expansion for Teneo in the Australian and broader Asia-Pacific markets.
The transaction, which sees Teneo, a private equity backed global firm with headquarters in New York, create its Australian arm of a new local financial services advisory business, which is to be led by outgoing PwC partner Stephen Longley.
This strategic deal represents one of the most high-profile professional services transactions in recent years, and reflects the evolving landscape of the professional services sector in Australia. The acquired team, comprising 14 PwC partners and 70 staff will bolster Teneo's existing 15-strong strategy and communications business in Australia, underscoring Teneo ambition to become a major player in the Asia-Pacific region.
The ABL team, led by partner Jonathan Wenig was supported by senior associates Michelle Ainsworth and Megan Hosiosky, lawyers Dominic Fajardo and Aaron Low, and law graduate Robyn Kalkhoven.
Jonathan Wenig commented: "It was a pleasure to work with the Teneo team in achieving this milestone transaction. This transaction is a clear indicator of Teneo's commitment to expanding its global footprint and delivering a scaled financial advisory offering in a market with increasing demand for critical events expertise. It’s an exciting time for firms like Teneo, which are well-positioned to capitalise on the current dynamics in the advisory space."
Daniel Butters, CEO of Teneo Financial Advisory, said: “We see significant opportunity both in the Australian market and the wider Asia-Pacific region for a critical events adviser of scale, and this acquisition gives us an outstanding platform for growth.”
