Edinburgh-headquartered Ledingham Chalmers has acquired Inverness-based Anderson Shaw & Gilbert (ASG).
The deal creates a business with around a £14m annual turnover and a headcount of 196; including 29 partners.
All 19 ASG personnel will transfer to Ledingham Chalmers, which described the transaction as "an important milestone" in its strategy to double revenue to £25m by 2025.