White & Case advises Cedra on acquisition of part of PwC Sweden’s audit and advisory business

Global law firm White & Case LLP has advised newly established audit and advisory group Cedra on Cedra’s acquisition of part of PwC Sweden’s audit and advisory business.

Through the acquisition, Cedra is expected to grow to more than 500 employees in 25 locations in Sweden, with a combined revenue of SEK 1 billion. Former PwC Sweden Assurance Leader Pontus Tonning will be appointed CEO of Cedra following the acquisition.

Cedra is an audit and advisory group founded in 2025 by five accounting firms in Sweden – Allians, Crowe Osborne, Frejs Revisorer, RSM Göteborg and Qrev – together with Adelis Equity Partners (Adelis) as minority owner.

Adelis Equity Partners is a private equity firm managing approximately €3 billion in capital. Since raising its first fund, it has made 44 platform investments and more than 250 add-on acquisitions.

PwC Sweden is an advisory and auditing company in Sweden and an independent legal entity that is part of the global PwC network.

The White & Case team which advised on the transaction was led by partners Shoan Panahi and Sebastian Wallin (both Stockholm) and included partner Michael Engel (London) and associates Filip Karlsson, Greta Ekblom, Siri Wieslander, Anders Westling, Matilda Högberg, Tea Lasu, Mårten Matell (all Stockholm) and Joao Lacerda (London).

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