PwC has taken over Greenwoods & Herbert Smith Freehills, an Australian tax advisory company. The strategic purchase will witness fifteen tax partners and fifty staff from Greenwoods & Herbert Smith Freehills joining the consulting goliath’s financial advisory business in mid-2022.
Greenwoods has enjoyed an enduring alliance with Herbert Smith Freehills but is an individual business and legal body. The former is well-known for delivering taxation advice for Australian Securities Exchange-listed, regional, and international businesses with interests within the country.
Pete Calleja, the managing partner of PwC’s financial advisory business, stated that the acquisition of Greenwoods would allow PwC’s consumers to access market-pioneering experts in all taxation domains.
Calleja stated that the Australian firm was highly regarded in the market for its infrastructure, real estate, mergers & acquisitions, fiscal services, and high net wealth capacities. In addition, he stated that Greenwoods’ team would solidify PwC Australia’s vast financial advisory business enterprise.
In 2021, Greenwoods was an adviser to investment house AXA IM for its elite USD 775 million big to take control of 24,000 hectares of pine plantations from an American fund manager – Global Forest Partners. The transaction was the most humongous for more than ten years.
The takeover underpins the prevailing scramble by companies to hire professionals in a hot job market. PwC is swooping in to purchase an entire company housing several experts.
PwC’s tax leader, Chris Morris, stated,
“The war for talent is hotter than ever.”
Morris further elucidated that the firm was pleased to be fetching fifteen vastly technical and experienced partners and approximately fifty highly talented staff to allow its business to continue to accomplish market demands of market-leading taxation advice.
Mr Morris included that the takeover was a crucial investment in the firm’s tax business, focussed on making PwC the number one provider of integrated tax solutions in the market.
Neither PwC nor Greenwoods would reveal the terms of the transaction.
PwC is betting that the tax advisers from Greenwoods, alongside their existing experts, will be busy assisting clients in fulfilling progressively complex international taxation regulations and prevalent regional and international taxation reforms. In the meantime, Greenwoods’ tax partners hope to receive access to new clients through PwC’s global network.
Manuel Makas, the managing partner at Greenwoods, stated that joining PwC would allow the tax connoisseurs to deliver a vast range of services to their clientele.
Mr Makas believed that the combined efforts of both the firms would be differentiated in the market, and its clients and teams would benefit alike.
Andrew Pike, the executive partner of the company in Asia and Australia, stated that, distinctly, Herbert Smith Freehills would fabricate its leading tax practice within the company.
Mr Pike stated that the firm was striving to fabricate its leading tax practice ideal for its clients’ requirements and stood on its overall strength in tax disputes and stamp duty. Andrew Pike stated that the firm was already discoursing with several tax law experts interested in joining the company.
Partners from Greenwoods set to join PwC include Manuel Makas(Greenwoods managing partner), Andrew Hirst, Andrew White, Andrew Howe, Chris Aboud, Cameron Blackwood, Chris Colley, Chris Neil, Daniel Sydes, David Bond, Julian Pinson, Jillian Gardner, Narelle McBride, Richard Hendriks, and Sue Ann Khoo.
About Greenwoods & Herbert Smith Freehills
Since 1985, Greenwoods & Herbert Smith Freehills has been a well-known firm for delivering taxation advice for Australian Securities Exchange-listed, regional, and international businesses with interests within the country. The firm encompasses devoted tax compliance and transfers pricing teams to deliver top-notch tax advice and services. The firm addresses the commercial realities that consumers face daily and cater to their tax obligations.
About PwC
PwC is a network of companies in 155 nations with more than 284,000 people who strive to provide quality assurance, advisory, and tax services to the firm’s consumers. In addition, the firm seeks to build trust within the society by solving crucial consumer problems within its domain.