PwC has acquired Australia’s largest tax advisory firm, Greenwoods, as part of a deal which will see 15 Greenwoods partners and 50 Greenwoods staff join the Big Four accountancy firm.
PwC said it had acquired specialist tax advisory firm Greenwoods & Herbert Smith Freehills, an affiliate of Silver Circle law firm Herbert Smith Freehills.
The deal, which is set to see 15 Greenwoods partners and 50 staff join PwC Australia, comes amid fierce competition for white collar talent.
In a statement, PwC Australia’s Tax Leader, Chris Morris said: “The war for talent is hotter than ever before. That’s why we’re pleased to be bringing in 15 deeply technical and experienced partners and around 50 highly-talented staff to enable our business to continue to meet market demand and provide market leading tax advice.”
The deal, which is set to be finalised in June 2022, will broaden PwC’s offerings and boost its tax advisory business significantly.
PwC Australia’s Financial Advisory Managing Partner, Pete Calleja said “Greenwoods is very highly regarded in the market for its M&A, infrastructure, real estate, financial services and high net wealth capabilities and its partners and their teams will bolster PwC Australia’s broader Financial Advisory business comprised of Deals, Integrated Infrastructure, Legal, PwC Private and Tax.”