EY and KPMG have signed a merger agreement in Denmark, with the newly merged firm looking to operate under the EY name. The deal is still subject to regulatory approval.
"This agreement draws on the complementary strengths of EY and KPMG Denmark," EY Nordics regional managing partner Erik Mamelund said.
"Until regulatory approval is obtained it would be premature to say anything further," he added.
KPMG global chairman Michael Andrew commented on the move in a statement: "I can confirm that our Danish member firm has decided to leave the KPMG network. We believe a number of non-equity partners and staff will make a positive choice to remain with KPMG. We remain committed to having a strong, effective and focused firm in Denmark that can serve local and global clients and provides the market with the choice of at least four large professional service firms."
The Danish market has been fiercely competitive in the past few years with PwC merging with Grant Thornton Denmark in 2011 followed by Grant Thornton adding PKF Kresten Foged as its member. Also in 2011 Baker Tilly Denmark acquired KPMG Randers, which was one of KPMG's operations in the country.