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A new force in accounting biz; H&R Block-AmEx combination signals mid-tier market war.(News)(H and R Block Inc.)(American Express Co.)
Crain's Chicago Business, August, 2005 by Singh, Shruti Date
Byline: Shruti Date Singh Competition among mid-sized accounting firms in Chicago is heating up with a deal that creates the city's third-largest accounting firm. Despite that heft, the new firm aims to serve mid-sized clients-Chicago accounting firms' bread and butter-rather than the Fortune 500-scale customers that the Big Four typically vie for.
Missouri-based H&R Block Inc. is buying the tax and accounting unit of American Express Co. of New York for $220 million and will roll it into its subsidiary RSM McGladrey of Minnesota. The deal is expected to close Sept. 30. Chicago-based accountancies Grant Thornton LLP, BDO Seidman LLP and other second-tier firms here will face stiffer competition from what will be the fifth-largest U.S. accountancy, with...
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