Ernst & Young LLP (E&Y) has agreed to buy strategy-consulting firm Parthenon Group, as dealmaking in the financial services sector continues to heat up.

Boston-based Parthenon, known for working with private equity firms on various aspects of M&A, has more than 300 professionals with additional offices in London, Mumbai, San Francisco, Shanghai and Singapore.

Parthenon is expected to grow E&Y's transaction advisory services business, which had $2.2 billion in revenue in fiscal 2013. The combined entity will be led by Parthenon chairman Bill Achtmeyer.

E&Y is considered one of the big four accounting firms, with PwC LLP, Deloitte LLP and KPMG LLP.

For more coverage on the financial, insurance, and real estate (FIRE) services sector, see "M&A in Financial Services Expected to Expand Over Next Year."

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