New York | London | EY has rejected a proposal from US private equity group TPG to break up the big four firm and take a stake in its consulting business, according to a statement sent to partners on Wednesday (Thursday AEST).

TPG wrote to EY in late July outlining its plan for a debt-and-equity deal to separate its consulting arm from the audit business. The pitch came just months after the collapse of EY’s own attempt to spin off the consulting business and seek a $US100 billion ($156 billion) enterprise value for it in a stock market listing.

Financial Times