Sale of Deloitte LLP's Restructuring Services business unit to global CEO advisory firm, Teneo

BDO has provided vendor due diligence services on the sale of Deloitte LLP's Restructuring Services business unit to Teneo.

Teneo, a global advisory firm backed by CVC Capital Partners, has acquired the Restructuring Services business unit from Deloitte LLP for an undisclosed amount.

The Restructuring Services business unit offers a full service of restructuring solutions to support corporates through periods of financial stress, spanning the spectrum of a company’s lifecycle from under performance to insolvency.

Daniel Butters, the head of Restructuring Services, will continue as the head of Restructuring for Teneo.

The transaction is a major disposal by a Big Four firm in light of the expected reforms to the audit market.