BDO has provided vendor due diligence services on the sale of Deloitte LLP's Restructuring Services business unit to Teneo.
Teneo, a global advisory firm backed by CVC Capital Partners, has acquired the Restructuring Services business unit from Deloitte LLP for an undisclosed amount.
The Restructuring Services business unit offers a full service of restructuring solutions to support corporates through periods of financial stress, spanning the spectrum of a company’s lifecycle from under performance to insolvency.
Daniel Butters, the head of Restructuring Services, will continue as the head of Restructuring for Teneo.
The transaction is a major disposal by a Big Four firm in light of the expected reforms to the audit market.