MHA completes acquisition of Baker Tilly’s South-East Europe business

UK-based professional services firm MHA has completed the acquisition of Baker Tilly’s businesses in Cyprus and Greece.

MHA, which has 23 offices in the UK, Ireland and the Cayman Islands, had announced the deal early May, in a transaction valued at €24 million. The deal involves €6.5 million in cash and €17.5 million in shares.

The South-East Europe business of Baker Tilly has 12 partners and more than 400 professionals in seven offices across Cyprus, Greece and the wider South-East Europe region with recently reported revenues of €19.4 million. The firm provides a suite of services, including audit, tax, advisory, legal and corporate services.

“This deal is a key milestone in MHA establishing a significant presence in Continental Europe,” said Rakesh Shaunak, CEO of MHA. “I am delighted to welcome all our new colleagues into the MHA family. This will enable us to further develop our footprint in key strategic locations.”

Marios Klitou, the newly appointed Chairman of the South East Europe business, commented: “Now the deal with MHA is formally confirmed, our business has an opportunity to grow and develop even further in the region in years ahead with a particular emphasis on expanding our existing work with financial services companies and public interest entities.”

According to Shaunak, MHA will in the coming months further grow its footprint in two South-East Europe markets – Cyprus and Greece.