PwC today announced the acquisition of the corporate advisory business of Read Hope Phillips (RHP) Attorneys, a leading South African corporate and M&A law firm, with effect from 1 November 2016.
The firm, currently based in Johannesburg, will constitute a new corporate and M&A legal advisory business unit within PwC Africa under the international ‘PwC Legal’ brand.
This PwC Legal team will continue to provide legal services in mergers and acquisitions, corporate finance and public market transactions, competition law advice and services, and forensic services.
Commenting on the acquisition, Hein Boegman, CEO of PwC Africa, said: “We are delighted to have concluded this transaction. PwC’s main goal for this initiative is to be able to provide legal services as a new entry point for our clients. This is in line with PwC’s global focus to grow its legal service offering alongside our existing audit, tax and advisory services. I am sure clients will quickly see the benefits of our combined service offering.”
Sandile Lukhele, Chairman of Read Hope Phillips, commented: "PwC has impressed us all with its commitment to building a truly integrated ‘one-stop shop’. For our clients, this transaction provides a great platform for us to enhance our service offering, here and internationally, through being able to offer the full range of PwC services. For our people, this deal opens up great new opportunities.”
Leon Flavell, PwC Global Legal Services Leader, said: “We identified Read Hope Phillips as being a great strategic fit given its business-focused service offerings, strong client base and its cohesive, recognised team of professionals.”
Paul de Chalain, PwC Africa Tax leader added “Having a strong presence in Africa is especially important to our clients looking to invest in the region. We are excited about taking this next step in offering integrated business solutions to our clients and participating in the growing market for business-related legal services in Africa.”