Once the deal is finalised on Wednesday, it will be fully independent of PwC Australia and owned by Allegro and Scyne staff.
The sale of PwC Australia’s public consulting arm to private equity investor Allegro Funds has been approved by the Foreign Investment Review Board, clearing the way for the newly formed company, Scyne Advisory, to officially begin operations from Monday, November 13.
The unconditional approval, announced on Monday afternoon, was the final hurdle for the deal, after the powerful Finance Department said Scyne could take on the federal government contracts of its predecessor and accept new“We’re pleased to receive the green light from the Foreign Investment Review Board for the transaction, and will now accelerate the final steps to completion,” said Adrian Loader, the co-founder of Allegro Funds.
“Scyne Advisory is ready to go – we have strong governance in place, and we are set up well for a clean transition of clients and employees.”to Allegro in July for $1, after the big four firm was effectively cut off from winning new federal government work when the extent of its tax leaks scandal became public in May.More than 100 PwC partners and about 1300 PwC staff moved across to Scyne.
Once the deal is finalised on Wednesday, Scyne will be fully independent of PwC Australia and owned by Allegro and Scyne staff. Scyne has been structured as a company rather than a partnership, which is the form that the big four consultancy firms operate under. A former federal court judge, Andrew Greenwood, has investigated all partners and staff who moved to Scyne to ensure they were not linked to the tax leaks scandal or any other governance issues relating to PwC.
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