The firms announced in January that Deloitte is to acquire the 285-year-old property advisor Drivers Jonas, with no capital changing hands – and no job losses. DJ is to move its 670 partners to Deloitte's much smaller real estate team by March, and its Managing Partner Nick Shepherd will assume the same role in the enlarged real estate group. The merged group will trade as Drivers Jonas Deloitte, and will have around 700 staff, annual revenues of more than £110 million. In France, the president of the Drivers Jonas unit, Chris Armon-Jones, will retain his position, the firm said.

"This is a very exciting transaction, which will truly differentiate us in this sector," said Deloitte CEO John Connolly. Added Shepherd: "The wider Deloitte business gives unparalleled access to international investors, property companies, sovereign wealth funds and high net worth individuals, who play such a key role in the operation of the capital markets. We see huge opportunity in combining Deloitte's real estate skills and wider business expertise with our full range of property and construction services."

The merger is particularly important in the UK market, boosting the combined firms' position in public sector work. Deloitte counts British Land, Hammerson and Segro among its audit clients. Connolly pointed to significant growth opportunities in the £2 billion UK real estate advisory market. Drivers Jonas, which advises on transactional work such as property lettings and investment, will bolster Deloitte's ability to execute business, while its consultancy business is "significant and complementary," he said.