MHA Plc is pleased to announce that the group has entered into an agreement to acquire Moore Stephens LLC, an audit practice, and Moore Stephens Consulting LLC, a tax and consulting services firm (collectively referred to as ‘MS UAE’) both headquartered in Dubai.
The acquisition is consistent with MHA’s strategy of pursuing selective cross-border opportunities that enhance the firm’s international presence.
Established in 1999, MS UAE has grown into one of the leading professional accounting practices in the region, providing audit, tax and advisory services to clients across a wide range of industries including financial services, manufacturing, construction, real estate, logistics, oil and gas, trading groups and government agencies.
MS UAE operates from its Dubai headquarters with branch offices in Abu Dhabi, Abu Dhabi Global Market, Jebel Ali Free Zone, Sharjah and Hamriyah Free Zone. MS UAE is approved to provide services across all major free zones in the country. Both firms will rebrand to MHA.
MS UAE is led by Managing Partner Farad Lakdawala and has three partners in total, all of whom will remain with MHA following completion. MS UAE has 95 staff and projected revenues for the year ending 31 December 2025 of £6.5m.
Under the terms of the Agreement, MHA expects to pay total consideration of £7.4m. The acquisition, if completed, is expected to be earnings enhancing within the first full financial year following completion. MHA will make a further announcement upon completion.
Rakesh Shaunak, CEO of MHA, said: “Strategic M&A continues to be a key enabler of our growth aspirations. 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.”
Among its locations, accountancy and advisory firm MHA has offices in Edinburgh and Aberdeen.