25 February 2011
BDO in Germany yesterday announced the successful merger of BDO AG with AWT Horwath GmbH, a Munich-based accounting firm with approximately 125 employees and a current fee income of €14 million p.a. Effective 1 January 2011, this transaction will contribute to the further strengthening of BDO’s position in Germany, in particular in the southern part of the country.
The new subsidiary of BDO AG in Munich will operate under the name of BDO AWT GmbH Wirtschafts-prüfungsgesellschaft and AWT Horwath will terminate its membership with the network of Crowe Horwath International in the near future.
Holger Otte, Managing Partner and CEO of the German firm, who also holds the position of chairman of the network’s international Policy Board, said: “With the merger we expect to generate an annual turnover in Munich of approximately €25 million with a team of about 210 professionals. Consequently, Munich will become our second largest office in Germany. We are convinced that this merger is another important step which will contribute to the further success and sustainable growth of both BDO AG in Germany and the international BDO network”.
Jeremy Newman, CEO of BDO International Limited, added “I am delighted both to welcome the expanded Munich firm and to congratulate our German firm on this important merger, which is a significant development for BDO in Germany”
Note to editors Service provision within the international BDO network of independent member firms (‘the BDO network’) is coordinated by Brussels Worldwide Services BVBA, a limited liability company incorporated in Belgium with its statutory seat in Brussels.Each of BDO International Limited (the governing entity of the BDO network), Brussels Worldwide Services BVBA and the member firms is a separate legal entity and has no liability for another such entity’s acts or omissions. Nothing in the arrangements or rules of the BDO network shall constitute or imply an agency relationship or a partnership between BDO International Limited, Brussels Worldwide Services BVBA and/or the member firms of the BDO network.BDO is the brand name for the BDO network and for each of the BDO member firms.The combined fee income of all the BDO Member Firms, including the members of their exclusive alliances, was $5.28 billion in 2010. The global network provides advisory services in 119 countries, with almost 47,000 people working out of 1,082 offices worldwide.Contacts Julia HennikerBrussels Worldwide Services BVBA Tel (+32 2) 778 0130bws@bwsbrussels.comPhilippe Prinz von Croy BDO GermanyTel (+49) 40 30293-387Fax (+49) 40 30293-388Philippe.Prinz_von_Croy@bdo.de