Deloitte to acquire rival PwC's network firms in Sri Lanka and Maldives

Deloitte, a world-renowned accounting firm, is planning to acquire some of the network firms from its competitor, PricewaterhouseCoopers (PwC), in the Maldives and Sri Lanka regions. This move is seen as a strategic measure to strengthen the company’s presence in South Asia.

This deal would be one of the largest such deals in the region and would result in Deloitte having 28 partners and 800 people.

Deloitte will complete the deal for PwC’s Sri Lanka and Maldives firms on 28 October, 2023.

This deal has been confirmed by Deloitte's spokesperson. However, the financial terms of this deal haven’t been disclosed yet.

Deloitte and PwC fall under the Big 4 accounting giants, which also comprise Ernst & Young and KPMG. They provide services such as audits, tax, and risk advisory.

PwC Sri Lanka and Maldives further confirmed this deal in a memo, expressing their intention to seamlessly transition and join Deloitte.

Deloitte’s South Asia CEO, Romal Shetty, feels that this deal is a transformative chapter in their history and will be a giant strategic stride moving forward.

Although Deloitte already has some presence in Sri Lanka, providing some audit services in the region, this deal with PwC will help them branch into offering advisory services and technology consulting.

This deal would make Deloitte the second-largest professional services firm behind KPMG.

Deloitte has reported global revenues of $64.9 billion for the financial year ending 31 May, 2023. This is a 14.9% increase from last year’s revenues.