BrazilMHA acquires Baker Tilly’s business in Cyprus and Greece
The UK member firm of Baker Tilly, MHA, has acquired Baker Tilly’s businesses in Cyprus and Greece for €24 million.
The acquisition of Baker Tilly South East Europe division, which has around 400 staff across offices in Cyprus and Greece, comes after MHA’s listing on the London Stock Exchange’s Alternative Investment Market (AIM) last month. At the time, MHA had announced plans to pursue expansion through cross-border mergers following its public offering.
Baker Tilly South East Europe provides audit, tax, advisory, legal, and corporate services. For the 2024 financial year, the firm reported revenue of €19.4 million and profit before tax of €2.5 million.
Rakesh Shaunak, CEO of MHA, commented: “Strategic M&A forms a key component of our medium-term growth aspirations, and the acquisition of Baker Tilly South East Europe demonstrates continued progress against our disciplined M&A roadmap. With a good understanding of both MHA and Baker Tilly, I believe their ambition and close strategic fit will create an even bolder organisation serving its clients and offering progression opportunities to staff.”
The deal involves €6.5 million in cash and €17.5 million in shares, with 10% of the purchase price earmarked for employees of the acquired business.
Francesca Lagerberg, CEO of Baker Tilly International, stated: “This acquisition is a powerful example of how collaboration within our network can unlock new opportunities for member firms, their people and their clients. MHA and Baker Tilly South East Europe already share a close working relationship, and this step deepens their strategic alignment. It’s a move that enhances their combined capabilities while reinforcing the strength and cohesion of the Baker Tilly network.”
Last month, Baker Tilly’s US division, which sold a majority stake to private equity investors in 2023, announced a merger with Moss Adams, forming what will become the sixth-largest accounting firm in the US by revenue.
