TPI and EquaTerra, respectively the world’s largest and second-largest outsourcing advisers, have terminated their merger agreement that would have created a company with revenues of more than £86m.
The managing director of TPI’s international business, Duncan Aitchison, said, “Mergers are complex. There were a couple of hurdles that we just could not get over.”
TPI and EquaTerra scrapped the merger agreement on March 9. They had signed the agreement in February.
TPI, which with annual revenue of about £69m would have been the dominant partner, advised investment bank ABN Amro on its five-year £1.07bn outsourcing arrangement with IBM last September. BAE Systems is another TPI client.
The consultancy also advised General Motors on its recent overhaul of its outsourcing contracts.