🧵 1. Private equity group TPG Capital has approached EY to buy a stake in its consulting arm, according to Financial Times. #business
🧵 1. Private equity group TPG Capital has approached EY to buy a stake in its consulting arm, according to Financial Times. #business
🧵 2. TPG sent a letter outlining its debt-and-equity plan to separate the consulting arm from EY's audit business.
🧵 3. EY announced plans to split its audit and consulting units last year due to concerns over fair client service.
🧵 4. The split plan, called "Project Everest," faced resistance from EY's partners and was ultimately called off in April.
🧵 5. TPG's move could potentially reshape EY's consulting arm, which recently shed 5% of its workforce in the US.
🧵 Read more at: https://www.reuters.com/markets/deals/tpg-approaches-ey-about-buying-stake-consulting-arm-ft-2023-08-15/