MHA Completes Acquisition of Baker Tilly's South-East Europe Business, Expanding European Presence

What's Happening?

UK-based professional services firm MHA has finalized the acquisition of Baker Tilly's businesses in Cyprus and Greece. The transaction, valued at €24 million, includes €6.5 million in cash and €17.5 million in shares. Baker Tilly's South-East Europe business comprises 12 partners and over 400 professionals across seven offices, with reported revenues of €19.4 million. The acquisition marks a significant milestone for MHA in establishing a presence in Continental Europe, according to CEO Rakesh Shaunak. Marios Klitou, Chairman of the South East Europe business, emphasized the opportunity for growth and development in the region, particularly in financial services and public interest entities.

Why It's Important?

The acquisition is a strategic move for MHA, enhancing its footprint in key European markets. This expansion allows MHA to tap into the growing demand for professional services in Cyprus and Greece, potentially increasing its market share and influence in the region. The deal also reflects the ongoing consolidation trend in the professional services industry, where firms seek to strengthen their capabilities and geographic reach. Stakeholders, including clients and employees, stand to benefit from the expanded resources and expertise that MHA can offer.

What's Next?

MHA plans to further grow its presence in Cyprus and Greece, leveraging the newly acquired business to expand its service offerings. The integration process will involve aligning the operations and cultures of the two firms, ensuring a seamless transition for clients and employees. MHA's leadership will likely focus on maximizing synergies and exploring additional opportunities for expansion in other European markets.