Nexia, SC International merger likely in December

The boards of Nexia International and SC International, two leading world-wide networks of independent accountancy, tax and business advisers, have agreed to merge, making the combined group the ninth largest provider of audit and advisory services in the world.
To be known as Nexia International, the enlarged group will have a combined turnover of over $2.2 billion, with 599 offices* represented in 97* countries, and over 23,000* employees world-wide.
The merger of the two networks is expected to complete on December 1, 2007 following various procedural requirements. The enlarged network will enhance Nexia International's service offering and provide it with crucial additional resources to meet growing client demands.
LEAGUE TABLE OF TOP TEN NETWORKS/ASSOCIATIONS

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Network/06 global association      fee income ($m)*

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1. Pricewaterhouse Coopers                 21,986.0

2. Deloitte Touche Tohmatsu                20,000.0

3. Ernst & Young                           16,400.0

4. KPMG                                    16,880.0

5. BDO International                        3,911.1

6. Grant Thornton International             2,800.0

7. RSM International                        2,757.6

8. Baker Tilly International                2,301.0

9. Nexia International**                    2,246.0

10. Horwath International                   2,188.2

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Outside of the US market, Nexia International will be the seventh largest group globally with combined fee Income of $1779.2 million for 2006. Commenting on the merger, Gareth Pearce, Chairman of Nexia International said: "SC International is a strong fit for Nexia International and, like us, has a reputation and culture for outstanding client service and for providing high-quality advice and guidance.
"SC International brings with it particular strengths: the US (including J H Cohn, the largest independent accounting firm in New York); Europe (notably Germany, the Netherlands, Switzerland and Russia); South Africa; Mexico; and Canada. This will enhance Nexia International's strength and depth in major geographical areas of the world and key financial centres."
Clive Nicholson, Chairman of SC International said: "The merger creates an unparalleled opportunity for the members of both Nexia International and SC International. It cements the shared values and expertise of both organisations on a global scale.-PR
Copyright Business Recorder, 2007