MHA acquires Baker Tilly South-East Europe in $26Mn deal
NICOSIA, CYPRUS — Baker Tilly South-East Europe (BTSEE) has officially become part of UK-based professional services group MHA in a deal worth around €24 million (US$26 million).
The transaction unites BTSEE’s 400-plus professionals in Cyprus, Greece, and other Southeast European markets with MHA’s growing international network, consolidating the Baker Tilly International family.
BTSEE joins MHA’s international network
BTSEE, which operates seven offices and employs 12 partners, offers a full suite of services, including audit, tax, advisory, legal, and corporate solutions. It recently reported annual revenues of €19.4 million (US$21 million).
Now under MHA’s ownership, the firm gains direct access to broader resources while helping MHA cement its footprint in continental Europe.
The purchase price covers 90% of BTSEE’s €20 million (US$23.2 million) equity value, paid through €5.4 million (US$6.25 million) in cash and €12.6 million (US$14.6 million) in newly issued MHA shares. The remaining 10% will be settled later, with part allocated to MHA’s Employee Benefit Trust.
The move mirrors MHA’s 2024 integration of its Irish operations through the acquisition of Roberts Nathan, forming Baker Tilly Ireland. As the UK consulting market faces slower growth, MHA has prioritized international deals to boost scale and capability.
Strengthening Baker Tilly International’s collaborative reach
Both MHA and BTSEE are members of Baker Tilly International, a global network with more than 43,000 people in 700 offices across 143 territories. The acquisition makes BTSEE an integral part of MHA’s structure, rather than just a network affiliate, deepening collaboration and strategic alignment.
“As we said at the time of our recent IPO, strategic M&A forms an important component of our medium-term growth aspirations, and our acquisition of BTSEE completed today is a key milestone in MHA establishing a significant presence in Continental Europe,” said Rakesh Shaunak, CEO of MHA.
“I am delighted to welcome all our new colleagues into the MHA family. This will enable us to further develop our footprint in key strategic locations.”
Newly appointed BTSEE chair Marios Klitou added, “BTSEE has an opportunity to grow and develop even further in the region in the months and years ahead with a particular emphasis on expanding our existing work with financial services companies and public interest entities. Further exciting news on developing our scope of services and our physical footprint in Cyprus and Greece will follow shortly.”
