MHA announces €24m proposed merger with Baker Tilly South East Europe

Baker Tilly South East Europe (BTSEE), a leading professional services firm offering a comprehensive range of services to clients in Cyprus, Greece and South East Europe, announces that it has entered into a heads-of-terms agreement to merge with MHA plc, a leading professional services provider of audit and assurance, tax, accountancy and advisory services. MHA is the UK and Ireland's representative of the Baker Tilly International Network.

The proposed deal, announced at Baker Tilly’s European conference in Athens, would see the firm join MHA, supporting the group’s international growth strategy while giving BTSEE access to broader resources and investment to accelerate its own expansion and enhance opportunities for both clients and employees.

MHA, which listed on the AIM market of the London Stock Exchange earlier this year, is pursuing selective cross-border mergers and acquisitions and has identified BTSEE as an ideal fit due to its strong financial track record, growth potential, alignment of culture and complementary services. The two firms have an established working relationship through the Baker Tilly International Network.

Marios Klitou, CEO at Baker Tilly South East Europe

Marios Klitou, CEO at BTSEE, commented: “We have built a strong and ambitious business across South East Europe, and this proposed transaction marks an exciting potential next step in our journey. MHA is a firm we know and respect, with shared values and a clear strategic vision. Together, we believe there is exciting potential to broaden our client offering and create new opportunities for our people. We look forward to advancing discussions in the period ahead.”

In its own announcement, MHA said it has been pursuing strategic cross-border M&A opportunities, including other existing members of the Baker Tilly International Network.

The merger would represent a key step in the Company's growth strategy, providing MHA with a presence in mainland Europe and an alliance with a local partner that is well established in the region and with whom MHA already has a close working relationship, it said.

MHA said it identified BTSEE as an ideal fit, noting its strong financial track record, growth potential, alignment of culture and complementary services.

Rakesh Shaunak, Chief Executive Officer of MHA

Rakesh Shaunak, Chief Executive Officer of MHA, said: "As stated at the time of our recent IPO, strategic M&A forms a key component of our medium-term growth aspirations, and the intended merger of BTSEE as announced today demonstrates continued progress against our disciplined M&A roadmap."

He added, "With a good understanding of both MHA and BTSEE, I believe their ambition and close strategic fit will create an even bolder organisation serving its clients and offering progression opportunities to staff. We look forward to providing a further update in due course."