Texas‑based tax services firm Ryan, backed by Onex and Neuberger Berman, agreed to buy Nordic adviser Svalner Atlas for $400 million. The deal emerged from a competitive auction that saw Ryan outbid private‑equity house EQT. Acquiring the firm gives Ryan a foothold in the Scandinavian market, where Svalner Atlas has built a reputation for cross‑border tax recovery work and will integrate its advisory platform.

Ryan, headquartered in Plano, Texas, serves more than 74,000 multinational clients across 80 countries and focuses on tax recovery—reassessing positions to unlock refunds. The firm was valued at roughly $7 billion earlier this year after Neuberger Berman took a minority stake, underscoring its growth ambitions. Adding Svalner Atlas’s 400‑person team expands Ryan’s European footprint and technology capabilities and deepens its data analytics offering.

Svalner Atlas was created in 2024 through the merger of three firms in Sweden, Finland and the Netherlands and is backed by Swedish private‑equity house Consolid Equity. The sale follows a earlier Octus report that the owners were exploring options. With the acquisition, Ryan now controls a leading Nordic tax adviser, strengthening its position as a global provider of tax‑technology services.