Grant Thornton UAE has merged with Grant Thornton Advisors — Grant Thornton’s new global platform — as the accounting firm works to consolidate some of the network’s strongest regional firms, according to a statement (pdf). The platform is backed by US-based New Mountain Capital, which acquired a stake in Grant Thornton US as part of a consortium in what was the biggest private equity takeover of an accounting firm at the time.

The acquisition will see the UAE firm join forces with teams in Ireland, Luxembourg, and the Cayman Islands. Together, they’ll form a 13k person platform across over 50 offices, with an eye on scaling up tax and advisory services for global clients.

No change in management: CEO Hisham Farouk will continue to head up the UAE office, while Grant Thornton Advisors boss Jim Peko will lead the overall platform.

Background: Grant Thornton acquired Grant Thornton Ireland last year in the first of a series of acquisitions that sets it apart from the usual status quo for accounting firms, which often operate as a network of mostly independent, locally-owned units, with a shared protocol and set of standards. The decision to combine the US and Irish business has already “changed behaviour” within the firms and led to a larger number of projects for clients with operations in both countries, Peko told the Financial Times. “By putting member firms together there is true economic alignment and a seamless client experience,” he said, adding that the goal is to look for local units where clients have overlapping business interests.

More to come: It is also in advanced talks to acquire its sister firm in the Netherlands and is in talks with several other territories, the FT reports, citing people familiar with the matter.

ADVISORS- Lumina Capital Advisers acted as the sole financial advisor to Grant Thornton UAE, while Taylor Wessing served as the company's legal advisor.

OTHER M&A NEWS-

Shareholders of EGX-listed phosphate exporter Egyfert who wish to sell their stakes to UAE-basedNAS Investment Holding can do so between 27 April and 25 May, according to two separate disclosures (here (pdf) and here (pdf)). The transaction, which would raise the company’s holding from 32.4% to up to 90%, is valued at EGP 524.4 mn (AED 37.5 mn), with shares priced at EGP 95 apiece, and will be financed through Nas’ own resources. Nas doesn’t have plans to delist Egyfert from the EGX.

The FRA granted Egyfert 15 days to disclose its opinion on the feasibility of the offer. It also mandated the company to appoint an independent financial advisor not related to the offer and to disclose to shareholders the findings of the advisor's report at least five days before the end of the mandatory tender offer period, according to a separate disclosure (pdf).

ADVISORS- Nas enlisted Al Ahly Pharos as broker on the transaction, while MHR & Co and White & Case are legal advisors.

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