MHA has accomplished the acquisition of Baker Tilly South-East Europe Holdings (BTSEE), a supplier of audit, tax, advisory, authorized, and company providers throughout Cyprus, Greece, and South-East Europe.
The settlement was initially introduced in Could 2025, when MHA indicated that it had reached heads of phrases for the acquisition.
MHA CEO Rakesh Shaunak mentioned: “The completion of the acquisition of BTSEE, our first as a listed enterprise, aligns immediately with our technique acknowledged at IPO to develop our worldwide footprint, together with the potential to carry different members of the Baker Tilly Worldwide Community into the Group the place a possibility arises.
“BTSEE is a superb match, offering us with a right away and important presence in Continental Europe and enabling us to additional develop our footprint in key strategic areas.
“I’m delighted to welcome our new colleagues into the MHA household and sit up for working along with them as one agency.”
MHA thought of BTSEE to be a becoming addition to its operations, highlighting the agency’s sturdy monetary historical past, potential for development, cultural compatibility, and the complementary nature of its providers.
As a part of the acquisition phrases, MHA can pay the distributors 90% of the preliminary €20m ($23.2m) fairness worth. This contains an upfront money cost of €5.4m and €12.6m to be settled by means of the issuance of 10,862,069 atypical shares in MHA.
The worth for the consideration shares is established at £1 per share, which aligns with the IPO challenge worth agreed upon within the heads of phrases.
Based mostly on MHA’s share worth of 135.5p as of 8 August 2025, the present valuation of the consideration shares is roughly €17.1m.
The remaining 10% of the fairness worth will probably be settled by means of extra atypical shares to be issued later, which the distributors will allocate to the corporate’s Worker Profit Belief (EBT).
The particular variety of shares will probably be decided following changes to completion accounts.
A closing cost will probably be made to the distributors based mostly on changes associated to internet debt and dealing capital, consisting of each money and new atypical shares.
In accordance with MHA Companions’ technique in the course of the IPO, the distributors will contribute 10% of the overall consideration they obtain to the EBT in new atypical shares.
BTSEE CEO Marios Klitou mentioned: “Becoming a member of forces with MHA marks an thrilling milestone for our agency, underpinned by a shared tradition and outlook that made the choice a pure one.
“With sturdy foundations already in place, we consider this partnership will shortly ship significant advantages for our purchasers and other people throughout South East Europe.
