U.S.-based accounting and consulting firm association Allinial Global has signed a letter of intent to combine with a U.K.-based accounting and business advisory firms, IAPA International.

The combination would create an entity with 300 members in 79 countries with annual fee revenue of over $2.6 billion, making it the third largest association of independent accounting and consulting firms in the world.

Allinial Global’s president and CEO Terry Snyder and IAPA’s CEO Stephen Hamlet plan to lead a team of representatives from both associations into further discussions and work through the necessary details.

“It is clear that both associations share a committed focus to delivering an agile and exceptional level of service to their respective members and their clients,” said Allinial Global president and CEO Terry Snyder in a statement. “We share the same vision for continuing to provide members with flexible, strategic, and groundbreaking tools to better serve clients with international accounting needs. I am excited at the prospect of a combined global powerhouse that truly values innovation and independence.”

Allinial, based in Atlanta, dates back to 1969 and includes approximately 100 firms, while IAPA, based in Farnham, England, dates back to 1979 and has over 200 firms in 70 countries.

The proposed combination is subject to the execution of a definitive agreement with board and membership approval. If approved, the combination is expected to happen by the end of this year.

“I see this combination as a win-win for both of our outstanding memberships and, in particular, for the clients of our members who rely on valuable and trusted resources around the world,” said IAPA CEO Stephen Hamlet. “Our associations complement each other so well–from our strong global representation and diverse cultures, to our combined geographic footprint which will provide an extended global reach to resources from 300 firms worldwide. Opportunities to unite two highly respected and complementary organizations do not come along too often; and I look forward to working with my new and current colleagues from both associations to achieve this combination.”

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