Deloitte Andersen Transaction

In summer 2002, Deloitte & Touche LLP completed a transaction with Arthur Andersen LLP in which many hundreds of former Andersen partners and employees joined Deloitte & Touche. The transaction was structured to provide stability and continuity for Andersen's client base, while at the same time avoiding the transfer of liability from Arthur Andersen to Deloitte & Touche.

This takeover of a large part of Andersen UK’s former business put PwC’s position as Britain’s biggest accountancy firm in danger. In the 12 months following the Deloitte Anderson transaction, Deloitte's revenues increased by 33%. The firm’s tax business, the area in which Deloitte picked up most new business as a result of the deal, almost doubled as a result of the Andersen deal.

After the Deloitte Anderson transaction, Deloitte transformed from the smallest of the Big 5 firms (present Big 4, plus now defunct Anderson) to a serious contender for the most profitable accounting firm in the UK.