Merger of international accountancy groups creates top-ten network with turnover of US$ 2.2 billion

The Boards of Nexia International and SC International, two leading worldwide networks of independent accountancy, tax and business advisers, have agreed to merge, making the combined group the ninth largest provider of audit and advisory services in the world.

To be known as Nexia International, the enlarged group will have a combined turnover of over US$2.2 billion, with 599 offices* represented in 97* countries, and over 23,000* employees world-wide. The merger of the two networks is expected to complete on 1 December 2007 following various procedural requirements. The enlarged network will enhance Nexia International’s service offering and provide it with crucial additional resources to meet growing client demands.














Outside of the US market, Nexia International will be the seventh largest group globally with combined fee income of $1779.2 million for 2006.*

Commenting on the merger, Gareth Pearce, Chairman of Nexia International said: “SC International is a strong fit for Nexia International and, like us, has a reputation and culture for outstanding client service and for providing high-quality advice and guidance.

“SC International brings with it particular strengths: the US (including J H Cohn, the largest independent accounting firm in New York); Europe (notably Germany, the Netherlands, Switzerland and Russia); South Africa; Mexico; and Canada. This will enhance Nexia International’s strength and depth in major geographical areas of the world and key financial centres.”

Clive Nicholson, Chairman of SC International said: “The merger creates an unparalleled opportunity for the members of both Nexia International and SC International. It cements the shared values and expertise of both organisations on a global scale.

“Our combined resources and market position will enable all member firms to compete more effectively for international business and to strengthen the quality of their client base."
ENDS

* IAB World Survey: 12 December 06
** Nexia International post-merger

For further information:

Nexia International
Nigel Hodges +44 (0) 207 487 4648

SC International
Clive Nicholson +44 (0) 207 841 4101

FD
Ed Gascoigne-Pees +44 (0)207 269 7132
Louise Dolan +44 (0)207 269 7192
Zaman Toleafoa +44 (0)207 269 7244

Notes to editors:

Nexia International
Nexia International is a worldwide network of independent auditors, business advisers and consultants founded in 1971. Nexia has global representation with member firms ranking in the top ten in the world's major financial and economic centres. Fee income for 2006 was approximately US$1.5 billion, and the network has 334 offices and over 14,000 employees around the world.

SC International
SC International (SCI) is a leading worldwide association of independent accountancy practices in over 50 countries. SC International's clients are businesses, not-for-profit organisations and private clients with an international dimension or multi-domestic needs. In 2006, SCI was ranked as the 20th largest global association / network with global revenues in excess of US$ 749 million through 265 worldwide offices and approaching 8,000 employees.