Bedell Cristin advises KPMG on the acquisition of their Cayman Islands and BVI restructuring business
31 January 2022
Bedell Cristin's Cayman Islands and British Virgin Islands ('BVI’) teams are pleased to have worked together to advise KPMG on the acquisition of their Cayman Islands and BVI restructuring business by Teneo, the global CEO advisory firm. The deal was successfully completed on 4th January 2022, and Bedell Cristin’s advice covered partnership and corporate governance issues, the terms of the asset purchase agreement, employment, immigration, business licensing and property aspects of the sale.
KPMG in the Cayman Islands and BVI are leading financial advisors to the local Asset Management industry and member firms of KPMG International that operates in 145 countries and territories and collectively employed 236,000 people in FY21.
The acquisition expands the Teneo footprint into another key financial market, bringing its global Financial Advisory headcount to 350 professionals across the U.S., Europe, Asia-Pacific and the Caribbean. It also enhances Teneo's ability to deliver a full-service solution for cross-border restructuring and insolvency assignments. The introduction of e-Discovery, forensic technology and certain forensic services in the region complements Teneo's existing capabilities and provides a strong platform for growth.
The sale of KPMG's Cayman and BVI restructuring businesses, comprising over 25 professionals, enables KPMG to accelerate its programme of investment in its core audit and assurance, tax, enterprise and consulting services for clients.
Laura Hatfield and Stephen Nelson, Partners at Bedell Cristin Cayman together confirmed:
“It has been an honour to work with KPMG to assist them on this transaction. It was a pleasure to be part of the collaborative approach of the two businesses and the legal team for Teneo from Wachtell, Lipton, Rosen & Katz and Walkers Global to achieve this deal."