Grant Thornton is acquiring CBIZ in a deal valued at $5 billion. The all-cash transaction is described as one of the largest professional services acquisitions in recent years.
CBIZ, a publicly listed professional services firm, will see each shareholder receive $55 per share, reflecting approximately a 54% premium over its 30-day volume-weighted average share price and a 17.8% premium over its most recent closing price.
Grant Thornton is a US audit and consulting firm, while CBIZ is a publicly listed professional services company. The deal is expected to close in the fourth quarter of 2026, subject to CBIZ shareholder approval, regulatory clearances and other customary conditions. The CBIZ board of directors unanimously approved the transaction and recommends shareholders vote in favor.
Upon closing, Grant Thornton in the U.S. is expected to become the fifth-largest provider of professional services, tax and advisory services in the U.S., with more than $5 billion in annual domestic revenue. 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.
This is a historic combination with a complementary cultural and strategic fit.
Grant Thornton Advisors Chief Executive Officer Jim Peko said: '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 added: '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 transaction represents the largest of its kind in more than 25 years. 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.
Under a go-shop provision, CBIZ may solicit alternative acquisition proposals through August 27, 2026. Goldman Sachs is engaged by CBIZ as financial advisor, while Deutsche Bank is leading the financial advisory work on behalf of Grant Thornton Advisors.