Baker Tilly South-East Europe acquired by Mha

Financed via a combination of existing corporate cash reserves and the strategic issuance of new ordinary shares, the publicly listed UK accountancy consolidator Mha Plc officially acquires Baker Tilly South East Europe Holdings Limited. Completed on August 11, 2025, following a preliminary agreement initially announced to the London Stock Exchange in May, this cross-border transaction definitively transfers full ownership of the target entity to MHA Plc. The definitive agreement establishes a structured purchase consideration subject to final adjustments for net debt and working capital, effectively concluding the exclusive negotiation and due diligence phases. At the time of this regional market consolidation, the acquired partnership reported a robust annual revenue of €5–25M alongside a generated adjusted ebitda of €0–5M, reflecting highly profitable localized operations. The financial architecture governing the buyout is meticulously structured to ensure long-term alignment between the incoming corporate parent and the integrated leadership. Specifically, the acquirer fulfills 90% of the initial consideration through a substantial upfront cash payment combined with a significant equity component executed via the precise issuance of 10,862,069 new ordinary shares. The remaining 10% of the initial transaction consideration is systematically settled through additional share issuances mandated to be contributed by the sellers directly into the company's Employee Benefit Trust (EBT). Furthermore, these newly issued remuneration shares remain subject to strict retention commitments and clawback provisions that tightly mirror the corporate governance frameworks established during the acquirer's recent initial public offering. For the acquiring executive board, this external growth operation marks a highly strategic milestone, successfully establishing a massive operational bridgehead within Continental Europe to aggressively capture larger institutional mandates. The complex capital structuring and overall financial advisory directives for the buying entity were exclusively orchestrated by Cavendish Capital Markets Limited, ensuring a fully accretive transaction on an earnings per share basis.