Teneo Buys PwC Australia Restructuring Arm, Mulls Stake Sale (1)

Communications and consulting firm Teneo has agreed to buy PricewaterhouseCoopers’ business restructuring services unit in Australia.

The deal adds about 80 people to Teneo and will bolster its financial advisory operations, according to a statement. Terms of the deal weren’t disclosed.

Teneo is separately holding talks to bring in a new investor at a valuation of slightly more than $2 billion, people familiar with the matter said.

CVC Capital Partners, which bought out Teneo’s former backer BC Partners in 2019, owns about 60% of the company, while management owns about 40%, the people said.

No deal has been ...