UK-based partners at Grant Thornton, the accountancy firm, have voted to sell a majority stake to Cinven, the private equity firm.
Sky News has learned that the GTUK partnership voted unanimously in favor of the deal, a decision which is expected to be announced internally as early as Monday.
Support for this operation was widely expected within the firm, as it would crystallize substantial gains for its 240 partners.
The transaction, which is expected to value GTUK at up to £1.5 billion, is one of the largest ever in the UK audit industry.
Cinven has weathered competition from New Mountain Capital, which has a significant stake in Grant Thornton’s U.S. operations.
Other suitors, including EQT, Permira and Carlyle, were eliminated earlier in the process.
GTUK has improved its financial performance after a period of turbulence for its management, with a £1.3m fine imposed for “serious failings” in 2022 in relation to its audit of Sports Direct, the sportswear empire founded by Mike Ashley and now known as Frasers. Band.
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The previous year, she was also fined £2.3 million for demonstrating a “serious lack of competence” in relation to her work on Patisserie Holdings, the owner of the collapsed Patisserie cafe chain Valerie.
Since then, Grant Thornton has significantly reduced the number of clients audited by public interest entities (PIEs), a category that includes banks, insurers and other companies deemed particularly important.
A GTUK spokesperson declined to comment on Sunday.