CEO advisory firm Teneo is expanding by acquiring PwC’s Business Restructuring Services unit in Australia. This move enhances Teneo’s Financial Advisory services in the Asia-Pacific region, particularly in restructuring and insolvency.
Approximately 80 professionals, including leader Stephen Longley, will join Teneo, with Longley becoming the Head of Financial Advisory in Australia, reporting to CEO Daniel Butters.
Since acquiring Deloitte’s UK restructuring business in 2021, Teneo’s Financial Advisory team has grown to nearly 600 employees globally. Teneo plans to strengthen its presence in Sydney and Melbourne, while also opening its first office in Brisbane, thereby contributing to growth in the Asia-Pacific region, including markets such as Japan and Singapore.
KEY QUOTES:
“Australia has a diverse, innovative and growing economy, making it a critical market for Teneo as we continue to build our business across the Asia-Pacific region and around the world. Today’s acquisition rapidly advances our ongoing commitment to grow our existing operations in Australia, and we are excited to welcome PwC’s Australia Business Restructuring Services unit to our global Teneo team.”
Paul Keary, CEO of Teneo
“PwC’s Australia Business Restructuring Services team is highly respected in the market and will be a key part of the growth of our Financial Advisory business moving forward. We see significant opportunity both in the Australian market and the wider Asia-Pacific region for a critical events advisor of scale, and this acquisition gives us an outstanding platform for growth.”
Daniel Butters, CEO of Teneo’s Financial Advisory business
“We are excited to join Teneo and be a key part of its strategy to grow a global financial advisory and restructuring business. As the restructuring market continues to evolve, we will remain focused on what has always been important: the growth and development of our team and delivering great outcomes for our clients.”
Stephen Longley, incoming Head of Financial Advisory Australia at Teneo
“We are pleased to finalise this important transaction which will see our business restructuring services partners and team join Teneo. We look forward to working with Teneo on a seamless transition for our clients, people and partners and wish the new business every success.”
PwC Australia CEO Kevin Burrowes
