MHA acquiring two Emirati professional service firms
By Josh White
Date: Monday 22 Dec 2025
(Sharecast News) - MHA announced on Monday that it has agreed to acquire two commonly-controlled professional services businesses in the United Arab Emirates.
The AIM-traded group said it entered into an agreement on 19 December to acquire Moore Stephens LLC, an audit practice, and Moore Stephens Consulting LLC, a tax and consulting firm, together referred to as MS UAE.
It said the transaction was aligned with its strategy of building an international platform to support growth across audit, tax and advisory services.
Founded in 1999, MS UAE is one of the larger professional accounting practices in the region, providing services across sectors including financial services, manufacturing, construction, real estate, logistics, oil and gas, trading groups and government agencies.
The business operates from its headquarters in Dubai with branch offices in Abu Dhabi, Abu Dhabi Global Market, Jebel Ali Free Zone, Sharjah and Hamriyah Free Zone, and is approved to operate across all major free zones in the UAE.
Both businesses would rebrand to MHA following completion.
MS UAE is led by managing partner Farad Lakdawala and has three partners in total, all of whom would remain with the group after completion.
The business employs 95 people and would be integrated into MHA's existing financial, management and administrative systems.
For the year ending 31 December, MS UAE was projecting revenue of AED 31.8m (£6.5m), compared with AED 27.9m in 2024.
Transactional EBITDA, adjusted for vendors' historical and notional remuneration, was expected to be around AED 5.1m.
Under the terms of the agreement, MHA expected to pay total consideration of AED 36m (£7.4m), on a cash-free, debt-free basis with normalised working capital.
An initial payment of AED 30m would be made at completion, with a final payment following agreement of completion accounts.
The consideration would be settled equally in cash and in new ordinary shares in MHA, priced at 154.5p per share, subject to net cash and working capital adjustments.
Completion was conditional on regulatory approval in the UAE and would occur separately to exchange.
The share element of the consideration would be subject to lock-in and clawback arrangements consistent with those applied to MHA partners on its AIM admission and on its recent acquisition of Baker Tilly South East Europe.
MHA said the acquisition was expected to be earnings enhancing in the first full financial year following completion.
"Strategic mergers and acquisitions continue to be a key enabler of our growth aspirations," said Rakesh Shaunak, chief executive of MHA.
"Following the acquisition of BTSEE, the intended acquisition of MS UAE is another step forward in building a larger organisation and an international platform that enhances client service, strengthens our sector capabilities and creates opportunities for our people.
"MS UAE is a high-quality, well-established practice with strong cultural alignment, and we look forward to updating the market as we progress toward completion."
At 0939 GMT, shares in MHA were up 1.85% at 159.9p.
Reporting by Josh White for Sharecast.com.
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