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EY rejects TPG approach

Private investment buyout major TPG has had an approach to make an investment in EY’s consulting division rejected by the London-headquartered global professional services business, according to a report by The Financial Times.

TPG made its approach last month after EY, in April, called off its plan to break up the business and float its consulting arm, having failed to gain the support of its US partners.

The report cites a statement sent by EY to partners on Wednesday as saying: “The TPG approach was a preliminary expression of interest and there has not been further engagement. We are not actively engaging in any transactions.”

EY is currently in the process of selecting a successor to global chief executive Carmine Di Sibio, a key backer of Project Everest – the initial plan to break up the business – after he announced his intention to retire on 13 June.

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