Deloitte's Drivers Jonas Takeover May Boost Industry

LONDON-The takeover of realtor Drivers Jonas by the Big Four accountancy firm Deloitte is unlikely to have much immediate impact on the two firms’ continental European operations and may over the longer term boost combined market share in the sector.

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.”