PwC Australia has sold its 84-person restructuring team to consulting firm Teneo in a deal worth millions, as the big four firm slims its advisory arm to focus on areas of client demand such as AI advice and business model transformation.
Teneo will create a new local financial services advisory business – led by outgoing PwC partner Stephen Longley – with the purchase, adding to its existing 15-strong strategy and communications business in Australia.
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Edmund Tadros leads our coverage of the professional services sector. He is based in our Sydney newsroom. Email Edmund at edmundtadros@afr.com.au