What's Happening?
MHA, a UK-wide network of independent accountants and business advisers, has completed the acquisition of Baker Tilly South-East Europe (BTSEE) for €24 million. This strategic move involves the integration of over 400 professionals from BTSEE into MHA's operations, expanding its footprint across Europe. BTSEE, a leading professional services firm, operates in Cyprus, Greece, and the wider South-East Europe region, offering services such as audit, tax, advisory, legal, and corporate services. The acquisition aligns with MHA's strategy to enhance its international presence, following its earlier listing on the London Stock Exchange's Alternative Investment Market (AIM) to fund growth initiatives.
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Why It's Important?
The acquisition is significant as it marks MHA's first major expansion as a listed company, enhancing its presence in Continental Europe. This move is expected to boost MHA's earnings within the first full financial year post-completion. By integrating BTSEE, MHA aims to strengthen its service offerings and expand its reach in strategic locations, potentially increasing its influence in the European consulting market. The deal also reflects a broader trend among UK firms seeking international expansion to counteract domestic market challenges, providing MHA with a competitive edge in the professional services industry.
What's Next?
Following the acquisition, MHA plans to focus on expanding its work with financial services companies and public interest entities in the region. Marios A Klitou, the newly appointed chair of BTSEE, indicated that further developments in service scope and physical presence in Cyprus and Greece are anticipated. MHA's strategy may involve additional acquisitions within the Baker Tilly International Network, as opportunities arise, to further consolidate its position in the European market.
