Punongbayan & Araullo and Navarro Amper & Co. combine practices
Singapore, 7 January, 2014 – Punongbayan & Araullo (P&A) and Navarro Amper & Co. (NA&Co.), which represents Deloitte Touche Tohmatsu Limited (Deloitte) in the Philippines, signed a memorandum of agreement (MOA) in which the two firms will enter into a definitive agreement towards combining their respective existing practices into a single combined partnership.
During the MOA period, both parties will conduct due diligence on their respective businesses, with the merger to be completed by July 1, 2014. While the definitive agreements are being finalized, both firms will continue to serve their respective clients as separate practices and will remain focused on providing clients with the quality service they have come to expect.
Upon the merger, the firm will be known as Punongbayan Amper & Co. and will be a member of the international network of Deloitte, the largest Big 4 professional services network globally.
P&A Founder Ben Punongbayan will be appointed Chairman. Greg Navarro, the current Managing Partner and CEO of NA&Co., will be the Managing Partner and CEO, while Marivic Españo, the current Chairperson and CEO of P&A, will take on the role of Deputy Managing Partner.
The Combined Firm will be one of the largest professional services firms in the Philippines. Together, the Combined Firm will have total annual revenues of P1.2 billion, with 34 partners and total personnel of more than 1,000 people.
“We are pleased to have reached this agreement with P&A. When this transaction is completed, the combined firm will be an even stronger player with deeper capabilities, high quality resources, and a renewed presence in the marketplace,” said Chaly Mah, CEO of Deloitte Southeast Asia. “This merger is a key part of our strategic growth plan 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 marketplace.”
“This merger with P&A creates tremendous opportunities. Together, we will have more resources and capabilities to serve our clients and provide a more attractive and exciting place to work for our people,” said Navarro.
“I am excited about the positive benefits that this merger will provide our clients and our people: our clients will have access to the resources and service capabilities within the Deloitte global network, and our people will benefit from the opportunities to grow their careers in a bigger firm,” said Punongbayan. “I also wish to thank Grant Thornton International for many years of partnership and their support for P&A over the years.”