MHA wraps up acquisition of Baker Tilly South-East Europe
MHA considered Baker Tilly South-East Europe Holdings to be a fitting addition to its operations. Credit: Tada Images/Shutterstock.com.
MHA has completed the acquisition of Baker Tilly South-East Europe Holdings (BTSEE), a provider of audit, tax, advisory, legal, and corporate services across Cyprus, Greece, and South-East Europe.
The agreement was initially announced in May 2025, when MHA indicated that it had reached heads of terms for the acquisition.
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MHA CEO Rakesh Shaunak said: “The completion of the acquisition of BTSEE, our first as a listed business, aligns directly with our strategy stated at IPO to expand our international footprint, including the potential to bring other members of the Baker Tilly International Network into the Group where an opportunity arises.
“BTSEE is an excellent fit, providing us with an immediate and significant presence in Continental Europe and enabling us to further expand our footprint in key strategic locations.
“I am delighted to welcome our new colleagues into the MHA family and look forward to working together with them as one firm.”
MHA considered BTSEE to be a fitting addition to its operations, highlighting the firm’s strong financial history, potential for growth, cultural compatibility, and the complementary nature of its services.
As part of the acquisition terms, MHA will pay the vendors 90% of the initial €20m ($23.2m) equity value. This includes an upfront cash payment of €5.4m and €12.6m to be settled through the issuance of 10,862,069 ordinary shares in MHA.
The price for the consideration shares is established at £1 per share, which aligns with the IPO issue price agreed upon in the heads of terms.
Based on MHA’s share price of 135.5p as of 8 August 2025, the current valuation of the consideration shares is approximately €17.1m.
The remaining 10% of the equity value will be settled through additional ordinary shares to be issued later, which the vendors will allocate to the company’s Employee Benefit Trust (EBT).
The specific number of shares will be determined following adjustments to completion accounts.
A final payment will be made to the vendors based on adjustments related to net debt and working capital, consisting of both cash and new ordinary shares.
In accordance with MHA Partners’ strategy during the IPO, the vendors will contribute 10% of the total consideration they receive to the EBT in new ordinary shares.
BTSEE CEO Marios Klitou said: “Joining forces with MHA marks an exciting milestone for our firm, underpinned by a shared culture and outlook that made the decision a natural one.
“With strong foundations already in place, we believe this partnership will quickly deliver meaningful benefits for our clients and people across South East Europe.
“MHA is an ambitious business with exciting growth plans – we’re thrilled to be joining the group at a time of real opportunity and I’m confident we will achieve success together.”
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