Grant Thornton Advisors announced Wednesday it has entered into a definitive agreement to acquire CBIZ, Inc. (NYSE: CBZ) in an all-cash deal with an enterprise value of $5 billion.
The deal, the largest of its kind in more than 25 years, would make Grant Thornton the fifth-largest professional services provider in the U.S.
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Grant Thornton Advisors announced Wednesday it has entered into a definitive agreement to acquire CBIZ, Inc. (NYSE: CBZ) in an all-cash deal with an enterprise value of $5 billion.
Under the terms of the agreement, each CBIZ shareholder stands to collect $55 per share — a figure the company said reflects roughly a 54% premium over CBIZ's 30-day volume-weighted average share price. Reuters added that the offer price also represents a 17.8% premium over CBIZ's most recent closing price.
Upon closing, Grant Thornton in the U.S. is expected to become the fifth-largest provider of professional services, tax and advisory services, with more than $5 billion in annual domestic revenue, the company said. The transaction represents the largest of its kind in more than 25 years. Together, the two firms would operate across more than 20 countries and territories, bring in close to $7.5 billion in annual revenue, and have a workforce of more than 34,500 professionals.
Reuters noted that Deloitte, EY, KPMG and PwC — collectively known as the Big Four — hold dominant positions in the U.S. accounting market.
New Mountain Capital, which led a May 2024 investment in Grant Thornton Advisors, will make an additional equity investment to support the transaction. After the deal closes, Grant Thornton Advisors plans to separate CBIZ's benefits and insurance services segment into a new stand-alone entity backed by New Mountain Capital.
Grant Thornton Advisors Chief Executive Officer Jim Peko said in a statement: "By combining our multinational platform with CBIZ's strong market presence, we're broadening our ability to support businesses through every stage of growth — from early development to global scale."
CBIZ President and Chief Executive Officer Jerry Grisko said in a statement: "This is a historic combination with a complementary cultural and strategic fit. Joining Grant Thornton Advisors accelerates the realization of that vision, creating a stronger firm with new and exciting opportunities for our team members and enhanced service offerings for clients, while delivering significant value to CBIZ shareholders."
The CBIZ board of directors unanimously approved the transaction and recommends shareholders vote in favor of it. The deal is expected to close in the fourth quarter of 2026, subject to CBIZ shareholder approval, regulatory clearances and other customary conditions. Under a go-shop provision, CBIZ may solicit alternative acquisition proposals through August 27, 2026.
On the advisory front, Goldman Sachs $GS has been engaged by CBIZ, while Deutsche Bank is leading the financial advisory work on behalf of Grant Thornton Advisors.
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