The merger between the member firms of Deloitte and Grant Thornton in the Philippines has fallen through.
In January both firms announced that Punongbayan&Araullo (P&A) and Navarro Amper& Co (NA&Co), the member firms of Grant Thornton and Deloitte respectively, had agreed to merge. The Memorandum of Agreement (MoA) set the target to merge effective July 2014. The combined entity would have 34 partners and more than 1.000 employees, making it one of the largest professional services providers in the country. Technically the firm would continue as PunongbayanAmper& Co, and belong to the global network of Big 4 firm Deloitte.
Following a detailed due diligence and integration planning phase the Memorandum of Agreement has been terminated. Reasons have not been given, although media in the Philippines speculate that the partner teams could not agree on a joint client and internal strategy. In addition, cultural differences also played a role.
The Global CEO of Grant Thornton International, Ed Nusbaum, is satisfied with the fact that it has been able to retain its local member firm. ''We have a strong global strategy and provide the right environment for ambitious, dynamic firms to unlock their potential for growth. I look forward to continuing to work with the partners and employees of PunongbayanAmper& Co for many years to come.''