Mazars, the accounting and business advisory firm, is to absorb the business of accountancy firm OJ Kilkenny & Co.

Details of the price being paid by Mazars for the business were not disclosed.

A new division within Mazars, Mazars OJ Kilkenny, is to be established and will concentrate on the sport and entertainment sectors.

Joe Carr, managing partner with Mazars, said it is committed to growing its business on both a national basis and within specific targeted industry sectors. The deal with OJ Kilkenny forms part of that strategy.

Mazars is an international professional services group and its Irish operations, in Dublin and Galway, are owned by the 16 Irish partners. It has 175 employees in Ireland and includes a number of sports organisations on its client list.

OJ Kilkenny & Co was founded in 1986 by its owners Ossie Kilkenny and Brian Murphy, also its managing partner. It provides services to corporate and private clients and has a strong reputation in the media and entertainment sectors. Its clients include U2, Bryan Adams, Chris De Burgh and Paul Brady.

It has 15 employees. Mr Kilkenny and Mr Murphy will now operate within Mazars.

Mazars has three divisions: a corporate client division, an enterprise division and a private wealth division. Last year it conducted talks with Farrell Grant Sparks but they did not lead to any deal.

The new division will have approximately 10 staff and will be targeting a market with an estimated value of €20 million per annum in fees.

The deal will mean clients of OJ Kilkenny will now have access to the international services available through the Mazars network.

"We both saw benefits from our coming together," said Mr Carr. "There is a synergy between OJ Kilkenny and Mazars that will yield tangible benefits for both our firms and our clients and that will allow us to build a stronger presence in key sectors."

Mr Murphy said Irish companies are increasingly operating in markets outside of Ireland and OJ Kilkenny's clients will benefit from the additional resources and expertise that a pan-European firm such as Mazars can provide. "Together we will exploit the opportunities represented by our individual areas of expertise."

Mr Carr said Mazars was continually looking for new opportunities, and was especially interested in firms that had a specialist niche.