The transaction further extends Teneo’s market-leading presence across Asia-Pacific, providing its Financial Advisory business with a strong foothold in the Australian market. The team will offer a wide range of financial advisory services in the region, including deep expertise in local and international restructuring and insolvency situations.
Through the transaction, approximately 80 members of PwC’s Australia Business Restructuring Services team will join Teneo, including Stephen Longley who has led the team for the last four years and will become Head of Financial Advisory Australia. He will report to Daniel Butters, CEO of Teneo’s Financial Advisory business.
“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,” said Paul Keary, CEO of Teneo. “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.”
“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,” said Daniel Butters, CEO of Teneo’s Financial Advisory business. “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.”
Stephen Longley, incoming Head of Financial Advisory Australia at Teneo, said, “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.”
PwC Australia CEO Kevin Burrowes said: “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.”
Teneo’s Financial Advisory business has grown quickly since the firm’s acquisition of Deloitte’s UK restructuring business in 2021 and now has nearly 600 employees around the world providing a range of services including business restructuring, corporate insolvency and bankruptcy, capital advisory, business transformation, and forensics and investigations advisory.
Teneo’s existing team in Australia, based in Sydney and Melbourne, is a key part of the firm’s Strategy & Communications business and provides fully integrated services across strategic communications, media relations, investor relations, transactions (M&A and IPO), shareholder activism, ESG advisory, regulatory and government affairs, and geopolitical risk. The Teneo team advises Australian companies on critical issues as well as multinational corporates and global private equity firms with operations and investments in the country.
As a result of the transaction, Teneo will significantly enhance its current presence in Sydney and Melbourne and plans to open its first office in Brisbane in the coming weeks. This expansion in Australia contributes to the continued growth of the Teneo business across Asia-Pacific, with a well-established presence in key markets such as Japan, Singapore, China and Hong Kong SAR.
Source: teneo.com