Reuters reported yesterday that according to an internal memo someone slipped to them Deloitte is acquiring PwC’s Maldives and Sri Lanka network firms.
After the deal, one of the largest such combination deals in the region, Deloitte will have 28 partners and 800 people, a person with direct knowledge of the matter said.
PwC’s Sri Lanka and Maldives firms will join Deloitte with effect from Oct. 28, the memo said.
In the memo, Deloitte South Asia CEO Romal Shetty said the deal is “a transformative chapter in our history and marks a strategic leap forward.” Earlier this year, Shetty said Deloitte plans to have around 30% of its workforce operating from India within the next four years. The PwC deal will further expand Deloitte’s foothold in the region and open the door for Deloitte to diversify away from mostly audit services and into advisory and particularly technology consulting.
A Deloitte spokesperson confirmed the transaction but did not provide any details. On the PwC side, Reuters reviewed a memo sent to clients that said the soon-to-be ex-PwC network firms are “committed to effecting a seamless transition as we prepare to join Deloitte.”
The deal will make Deloitte the second largest professional services firm in Sri Lanka, the first largest being — brace yourself — KPMG (according to Reuters’ source, anyway).