The deal will see Azets enter the audit and advisory market in Sweden for the first time by acquiring part of KPMG Sweden’s business, focused on audit, advisory and tax services for SMEs, and audit and audit-related services for municipalities and regions.

The agreement marks the first of its kind for Azets in the Nordics, signalling the group’s intention to build a leading audit, advisory and tax capability in the region, and underpinning its overall strategy to become a £1bn turnover business by 2027.

A total of 270 KPMG staff, including 14 equity partners, will join Azets on completion of the deal, doubling the size of its Swedish business to SEK1bn (£74m).

The transaction is expected to complete in summer 2025. The acquired business will become a new, separate business area for audit and advisory services within Azets Sweden.