As part of the deal, the US top six accounting firm has secured $1.3bn (£1bn) in debt financing from private equity firm Apollo Global Management. The debt financing will be used to purchases shares in a new employee trust and to refinance existing debt.

Some of the funds will be used to buy a minority stake in BDO USA, currently held by partners. The deal will be concluded at the end of September and will see 860 partners become employee shareholders.