McGladrey LLP signed an acquisition deal with Margolis, Phipps & Wright PC. This deal is expected to reach complection by December 2, 2013, according to a report published by Accounting Today.

Upon closing of the acquisition deal, assutance and tax consulting firm McGladrey will acquire all the assets of the Houston-based financial firm, the report said.

MP&W, a financial and taxation consulting company, has 15 leaders and over 100 employees in its Houston headquarters. Its executive committee include Barry Margolis, Jan Phipps and Tommy Wright. They will continue to lead the Management team in Houston after the acquisition, Accounting Today reported.

"McGladrey's focus on the middle market and approach to client service is very similar to ours," said Margolis. "We look forward to providing the same high-quality service our clients have come to expect from MP&W's teams while also offering expanded services, capabilities and expertise as part of McGladrey."

McGladrey's CEO and managing partner Joe Adams said in a statement that they have been interested in entering the financial market for some time already. They will assist MP&W in establishing a full-service office in Houston, said the report.