Announcement on merger in the Philippines
Dear colleagues,
We would like to announce that our Philippines practice (Navarro Amper & Co (NA&Co.)), has reached an agreement to merge with Punongbayan & Araullo (P&A), currently the Philippine member firm within the Grant Thornton network.
We have executed a binding memorandum of agreement and starting January 2014, each of the parties will conduct due diligence, with the target to consummate the merger by 1 July 2014. Until such time, NA&Co. and P&A shall continue to serve their respective clients as separate businesses.
This merger with P&A creates tremendous opportunities for Deloitte SEA as they will bring to the combined firm a stronger client base and capabilities. When this transaction is completed our Philippines practice will rank No. 2 and will have total annual revenues of P1.2 billion, with 34 partners and total personnel of more than 1,000 people. Together, the combined firm will be an even stronger player with deeper capabilities, high quality resources and a renewed presence in the marketplace.
The combined firm will operate under the name “Punongbayan Amper & Co.” and Benjamin R. Punongbayan, Founder of P&A, has been designated as Chairman of the combined firm. Greg Navarro continues as Country Managing Partner and CEO, and Ma Victoria C. Espano, the current CEO of P&A shall be the Deputy Country Managing Partner of the combined firm.
We are excited about the positive benefits that this merger will provide our clients and our people: our clients will have access to greater resources, broader knowledge and expanded service capabilities, and our people will benefit from greater professional development and enjoy opportunities to advance and grow in their careers in a bigger firm.
This merger is a key part of our growth plan under the SEA 2016 refreshed strategy and we will continue to look for similar strategic opportunities in emerging and high growth markets to expand our business and become an even stronger player in the global marketplace. In the coming months, you will hear more about this merger and our external communications plans. If you receive any queries regarding this matter, please direct your questions to Jeanette Juay (SEA, Clients & Markets) and Novy Peralta (Philippines, Clients & Markets).
Best regards,
Chaly Mah
CEO, Deloitte Southeast Asia
Greg Navarro
Country Managing Partner, Philippines