LONDON: MHA Plc (AIM: MHA), a leading provider of audit and assurance, tax, accountancy, and advisory services, announced Wednesday that it has entered into a heads-of-terms agreement for the proposed acquisition of Baker Tilly South East Europe Holdings Limited (BTSEE) at a total maximum consideration of approximately €24 million.
The announcement was made at the BTSEE conference in Athens, where delegates were informed of the agreement. The acquisition, which remains subject to final due diligence and completion accounts adjustments, aligns with MHA’s strategy of pursuing cross-border mergers and acquisitions, particularly within the Baker Tilly International Network.
“MHA has identified BTSEE as an ideal fit, given its strong financial track record, growth potential, and cultural alignment,” the company stated. BTSEE, a leading professional services firm with operations in Cyprus, Greece, and South East Europe, generated €19.4 million in sales for the year ending Dec. 31, 2024. Its revenue has grown at a compound annual rate of 9% over the last four years.
Under the agreement, MHA expects to pay an upfront cash consideration of €6.5 million, with an additional €17.5 million satisfied through new ordinary shares priced at £1.00 per share. The transaction, if completed, is expected to enhance earnings within the first full financial year.
MHA Chair Geoff Barnes called the acquisition a key step in the company’s expansion. “With a good understanding of both MHA and BTSEE, I believe this strategic fit will create an even bolder organization serving clients and offering progression opportunities to staff,” he said.
The deal remains conditional on the completion of final due diligence and the execution of a sale and purchase agreement. MHA plans to provide further updates in due course.