The logo of Ernst & Young is seen in Zurich, Switzerland November 13, 2020.
REUTERS/Arnd Wiegmann/file photo Acquire Licensing RightsAug 15 (Reuters) - Private equity group TPG Capital has approached accounting giant Ernst & Young (EY) about buying a stake in its consulting arm, Financial Times reported on Tuesday, citing a letter it had reviewed.
TPG outlined its plan for a debt-and-equity deal to separate the consulting arm from EY's audit business in a letter sent to the firm's global and U.S. bosses, the FT report added.
TPG and EY did not immediately respond to Reuters' requests for a comment.
In September last year, EY announced its plans to split its audit and consulting units into two companies after regulators voiced concerns that the audit arm would not do its job fairly for its client if it also employed EY as a consultant.
Persons:
Young, Arnd, EY, Manya Saini, Shilpi Majumdar
Organizations:
Ernst, REUTERS, TPG Capital, Financial, TPG, EY, Big, Thomson
Locations:
Zurich, Switzerland, U.S, Bengaluru