Accounting firms Baker Tilly and Moss Adams agreed to merge in a deal valued at roughly $7 billion, which would make it the largest firm in the industry to be partly owned by private-equity investors.

The combined firm, which would be the sixth-biggest accounting firm in the U.S., will carry the Baker Tilly name, specifically Baker Tilly US on the audit side and Baker Tilly Advisory Group on the nonaudit side. The Wall Street Journal previously reported the two firms were in advanced talks.