MHA Acquires Baker Tilly’s Business in Cyprus and Greece
Deal News | May 08, 2025 | Consultance.eu
MHA, the UK member firm of Baker Tilly, has acquired Baker Tilly’s operations in Cyprus and Greece for £24 million. This strategic acquisition follows MHA’s recent listing on the London Stock Exchange’s Alternative Investment Market (AIM) and aligns with the firm's aim for expansion through cross-border mergers. The acquired division, known as Baker Tilly South East Europe, employs around 400 staff and provides a range of services including audit, tax, advisory, legal, and corporate. For the 2024 financial year, Baker Tilly South East Europe reported revenues of €19.4 million and profits before tax of €2.5 million. Out of the purchase price, €6.5 million will be paid in cash and €17.5 million in shares, with 10% allocated to employees of the acquired division. MHA's CEO, Rakesh Shaunak, stated that strategic M&As form a key part of their growth strategy, with this being a significant milestone in that journey. The acquisition is also a testament to the close working relationship and strategic alignment shared by the two firms.
Sectors
- Professional Services
- Financial Services
Geography
- United Kingdom – MHA, the acquiring firm, is a UK-based company recently listed on AIM.
- Cyprus – One of the locations where Baker Tilly South East Europe operates, and part of the acquisition deal.
- Greece – One of the locations where Baker Tilly South East Europe operates, and part of the acquisition deal.
Industry
- Professional Services – Baker Tilly South East Europe and MHA operate in the professional services industry, providing audit, tax, advisory, legal, and corporate services.
- Financial Services – Financial elements are crucial in this transaction, including acquisition funding and public market listing implications for MHA following its AIM listing.
Financials
- 24 million – Total acquisition price paid by MHA for Baker Tilly South East Europe.
- 19.4 million – Revenue reported by Baker Tilly South East Europe for the 2024 financial year.
- 2.5 million – Profit before tax reported by Baker Tilly South East Europe for the 2024 financial year.
- 6.5 million – Portion of the purchase price paid in cash.
- 17.5 million – Portion of the purchase price paid in shares, with 10% allocated for employees.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| MHA | Acquirer | Company | The UK member firm of Baker Tilly, which recently listed on AIM and is pursuing expansion through strategic acquisitions. |
| Baker Tilly South East Europe | Target Company | Company | The division of Baker Tilly operating in Cyprus and Greece, offering professional services and employing approximately 400 staff. |
| Baker Tilly International | Selling Company | Company | The international network of which Baker Tilly South East Europe is a part. Facilitated the acquisition within the network. |
| Rakesh Shaunak | CEO | Person | CEO of MHA, emphasizing the strategic importance of this acquisition in their growth roadmap. |
| Francesca Lagerberg | CEO | Person | CEO of Baker Tilly International, highlighting the collaborative benefits of the acquisition. |