TPG’s proposal, first disclosed by the Financial Times, also included a debt-for-equity deal to acquire a stake in EY’s consulting division, with potential plans to take it public.

However, the idea found little traction within EY. The company’s leaders communicated to its partners that this wasn’t the first, nor would it be the last, external interest in segments of EY’s vast operations, noting, “we frequently receive inquiries from private equity firms and other investors expressing interest in parts of EY businesses”.

The firm emphasised its commitment to its current strategic objectives and mentioned there has “not been further engagement” with TPG post their initial approach.

This event follows closely on the heels of the internally proposed and subsequently shelved, Project Everest. Carmine Di Sibio, the global chairman, advocated for this division to mitigate any perceived conflicts of interest. However, disagreements amongst partners, especially from its influential American arm, led to its abandonment in April.