MHA completes first post-IPO acquisition
By Josh White
Date: Monday 11 Aug 2025
(Sharecast News) - MHA completed its acquisition of Baker Tilly South-East Europe (BTSEE) on Monday, marking the professional services group's first deal since listing on AIM.
The transaction gives MHA a significant presence in Cyprus, Greece and South-East Europe, expanding its audit, tax, advisory, legal and corporate services offering.
It said the €20m initial equity value would be satisfied through €5.4m in cash and €12.6m in 10,862,069 new MHA shares, issued at the 100p IPO price.
Based on MHA's 8 August share price of 135.5p, the shares were currently worth around €17.1m.
The remaining 10% of the equity value would be paid in new shares after completion account adjustments, with 10% of total consideration to be contributed by the vendors to the company's employee benefit trust.
BTSEE generated revenue of €19.4m and adjusted EBITDA of €3.9m in 2024, with profit before tax of €2.5m.
The firm had delivered compound annual revenue growth of 9% over the past four years.
MHA said it expected the deal to be earnings-enhancing in its first full financial year.
"The completion of the acquisition of BTSEE, our first as a listed business, aligns directly with our strategy stated at IPO to expand our international footprint," said chief executive Rakesh Shaunak.
"BTSEE is an excellent fit, providing us with an immediate and significant presence in continental Europe and enabling us to further expand our footprint in key strategic locations."
BTSEE chief executive Marios Klitou said the partnership was "underpinned by a shared culture and outlook" and would "quickly deliver meaningful benefits for our clients and people across South East Europe".
Admission of the 10,862,069 consideration shares to trading on AIM was expected on 12 August, taking MHA's total shares in issue to 282,073,833.
At 1307 BST, shares in MHA were up 0.72% at 136.48p.
Reporting by Josh White for Sharecast.com.
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