EY rejects offer to spin off its consulting business, according to FT

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The firm EY rejected an offer from the US private equity group TPG to acquire a part of its consulting business, the British newspaper “Financial Times” (FT) revealed on Wednesday.

The company declined the proposal after having also ruled out its own plans last April to spin off the audit and consulting divisions, in order to take the latter public with a valuation of close to 100,000 million dollars (91,600 million euros).

“The TPG proposal was a preliminary expression of interest and there has been no further commitment. We are not actively participating in any transaction,” EY told its partners in a note released by the FT.

“We remain focused on driving our current priorities for fiscal year 2024, completing the CEO succession process and developing the strategic path forward for the organization,” added the company, one of the Big Four global consultancies. EFE

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