The transaction, valued at up to '24m, includes '6.5m in cash and '17.5m in shares. MHA said 10% of the total purchase price will be allocated to employees of the acquired business, which operates across Greece and Cyprus with a workforce of nearly 400 professionals. The acquisition comes amid a wave of consolidation across the accountancy sector, spurred by rising private equity interest in the recurring revenues and margin stability of professional services firms. While MHA opted to go public rather than sell equity to private investors, its US counterpart recently sold a majority stake to a private equity consortium and later announced a merger with Moss Adams. Baker Tilly South East Europe generated '19.4m in revenue and '2.5m in pre-tax profit in 2024. The deal boosts MHA's presence in continental Europe and aligns with its post-IPO strategy of driving growth through acquisitions. Geoff Barnes, chair of MHA, said, 'Strategic mergers and acquisitions are a key component of our growth plan.' MHA is currently under scrutiny from the Financial Reporting Council over its 2022 audit of ISG, a construction group that collapsed last year with over '1bn in public sector contracts....
The all-cash deal values AvidXchange at $10.00 per share, representing a 22% premium over its closing price on 6 May. TPG, through its flagship TPG Capital vehicle, will acquire a majority interest, while Corpay will contribute approximately $500m for a 33% equity stake. The agreement has received approval from AvidXchange's board of directors and is expected to close in the fourth quarter of 2025, pending shareholder and regulatory approvals. Select senior management from AvidXchange will roll over a significant portion of their equity in support of the deal. AvidXchange offers SaaS-based accounts payable automation and payment solutions tailored to middle market businesses. The investment will support the company's platform scaling efforts and accelerate product development under long-term private ownership. Corpay CEO Ron Clarke added, 'We expect the transaction to be accretive to Corpay's earnings in 2026. The structure gives us flexibility to transform the business and drive profit growth. We also retain the option to acquire full ownership in 2028.'...
Good morning & happy Wednesday! Today's issue is undoubtedly the best one yet as we're looking into Block, which is currently at a critical inflection point, navigating between margin strength & growth concerns (deep dive into their Q1 2025 financials uncovering the most important numbers, what they mean and what's next for Block + bonus deep dive into Robinhood & its latest financials), and Elon Musk's xAI that just teamed up with Palantir and TWG Global to transform financial services with AI (what it's all about & what it means for the future of AI in Finance + bonus deep dive into Elon's Super App plans for X/xAI AND some priceless guides & playbooks for winning with AI in the enterprise). So let's just jump straight into the paradigm-defining stuff '' Earnings time '' Block XYZ 0.00%' just delivered a disappointing Q1 2025 performance, significantly missing consensus estimates across key metrics and reducing full-year guidance. The earnings disappointment, coupled with reduced guidance, triggered a 20% stock price decline, extending the year-to-date loss to a whopping ~46%. Ouch '...
The firm raised $14bn across credit strategies last quarter, including $5.9bn for its flagship real estate vehicle, bringing total fund commitments to $16bn. Teskey noted that the current rate environment is creating a 'significant opportunity' to acquire properties where traditional capital structures are under stress. Private equity remains a key pillar of Brookfield's growth strategy. The firm will launch the next vintage of its flagship PE fund later this year. In Q1, Brookfield deployed $16bn and exited $10bn in deals. The firm also closed its latest flagship opportunistic credit fund at $16bn via Oaktree Capital Management. Structured investments are increasingly in demand, particularly in infrastructure and private equity, where sponsors are facing restricted access to public capital markets. Brookfield's fee-bearing capital rose 20% year-on-year to $549bn, and Q1 distributable earnings rose 20% to $654m, in line with analyst expectations. Brookfield has deployed $1.4bn into three new partnerships since its spin-out from Brookfield Corporation, while also increasing its stake in Oaktree to 74%. It recently agreed to acquire a majority stake in Angel Oak Companies, an $18bn mortgage credit platform, and formed a partnership with private debt manager Castlelake....