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Mazars has agreed to combine its US business with Forvis, a top 10 American accounting firm by revenue, as part of a deal to create a global audit and advisory network with around $5bn in annual sales.
Partners at both firms voted through the tie-up on Monday, according to a person familiar with the matter, in the latest evidence of dealmaking in an industry undergoing a wave of consolidation.
Firms are rushing to build scale in order to invest in technology and compete internationally, at a time when demand for some of their services has slowed.
As well as the acquisition in the US, Mazars and Forvis have also signed an agreement to work together in a global network, under the brand Forvis Mazars.
The agreement will give Forvis, which predominantly operates in the US, a presence in international markets. In turn, Paris-based Mazars will gain a stronger position in the US, where the firm has struggled to gain a significant foothold, after first entering the market in 2010.
Hervé Hélias, chief executive and chair of Mazars Group, said the combination gave Mazars “the scale and expanded presence that we have been striving for in the US”.
The global network will be overseen by a new global board, including an equal number of senior partners from both firms with a three-year rotating chair.
However the two firms will still be owned by their…
