This would be a landmark deal in the accounting sector, creating a transatlantic powerhouse.

The proposal would see UK and Irish partners become shareholders in a holding company led by the US firm’s private equity owners. However, discussions are preliminary, and valuations are yet to be determined. Both the UK and Irish firms are also exploring alternative options, having hired Rothschild and Deutsche Bank respectively, Financial Times reports.

Grant Thornton UK and Ireland generated £654 million and €300m (c. £253m in revenues last year, respectively. The US firm, with $2.4 billion (c. £1.86bn) in revenue, was recently acquired by a consortium led by New Mountain Capital.

While audit divisions would remain separate due to national regulations, the merger aims to achieve synergies by combining the consulting and tax businesses. This echoes a similar but failed plan by EY.