Some really big and interesting news this morning – Drivers Jonas is to merge with Deloitte.
Reuters reported that “Drivers Jonas, which was established in 1725, will move its 650 employees to Deloitte’s much smaller real estate team by March, Deloitte said in a statement on Friday. Under the terms of the deal, Nick Shepherd, managing partner of Drivers Jonas, will become managing partner of the enlarged real estate group. It will have around 700 staff, annual revenues of more than 110 million pounds and will trade as Drivers Jonas Deloitte. A spokesman for Deloitte said no capital was changing hands between the two parties and there would be no job losses following the merger.”
Doubtless the details will emerge during the coming days, but I have been intrigued, if the reports are correct, to learn that the new entity will trade as “Drivers Jonas Deloitte” – ie the Drivers Jonas name being at the fore and it would suggest more of a merger than an acquisition. The “Big 4″ have always guarded their position towards the top of the market very aggressively and it will be interesting to see where the new entity positions itself.
We’ll be watching this space!
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