Deloitte Acquires PwC Firms in Maldives and Sri Lanka, Strengthening South Asia Presence
Deloitte expands its reach in the South Asia region by acquiring several PricewaterhouseCoopers (PwC) network firms in Maldives and Sri Lanka, according to a Deloitte memo obtained by Reuters. This strategic move solidifies Deloitte’s presence in the region and marks one of the largest combination deals to date. Following the acquisition, Deloitte will boast 28 partners and 800 employees, providing a significant boost to its capabilities.
Deloitte’s Growing Footprint
With effect from October 28, PwC’s Sri Lanka and Maldives firms will join Deloitte, as stated in the memo. The financial terms of the deal have not been publicly disclosed. However, a Deloitte spokesperson confirmed the acquisition, highlighting the company’s commitment to expanding its services and market share in the region.
PwC Sri Lanka and Maldives also sent a separate memo to their clients, confirming the transition to Deloitte. They expressed their dedication to ensuring a seamless integration and emphasized their enthusiasm for joining forces with Deloitte.
A Strategic Leap Forward
“This is a transformative chapter in our history and marks a strategic leap forward,” said Deloitte South Asia CEO Romal Shetty in the memo. The acquisition will bolster Deloitte’s presence in Sri Lanka, where it already provides audit services. The addition of PwC’s firms will enable Deloitte to expand its offerings to include advisory services, particularly in the realm of technology consulting.
This move solidifies Deloitte’s position as the second largest professional services firm in Sri Lanka, trailing only behind KPMG.
Deloitte’s Global Success
In the financial year ending May 31, Deloitte reported global revenues of $64.9 billion, representing a 14.9% increase in local currency. This acquisition further contributes to Deloitte’s growth and success on a global scale.
By acquiring PwC network firms in Maldives and Sri Lanka, Deloitte expands its presence in the South Asia region, strengthening its capabilities and market share. This strategic move positions Deloitte as a major player in the professional services industry, offering a wide range of services to clients in the region.
