Full Breakdown
Grant Thornton to Acquire CBIZ in $5 B Cash Deal
7/29/2026, 8:30:06 PM
Core Event
The companies are scheduled to announce on July 29 that Grant Thornton Advisors will purchase CBIZ Inc. for $5 billion in cash. The transaction will give Grant Thornton a market position as the fifth-largest U.S. provider of professional, tax and advisory services, trailing only Deloitte, EY, KPMG and PwC.
Background & Context
Mid-tier accounting firms have been consolidating to narrow the gap with the Big Four. Last year, Baker Tilly and Moss Adams combined in a $7 billion deal, and CBIZ itself bought accounting firm Marcum for $2.3 billion in 2024. Grant Thornton has pursued growth since receiving investment from a consortium led by New Mountain Capital in 2024; New Mountain is providing additional equity to fund the CBIZ transaction.
Data & Statistics
- Purchase price: $5 billion cash
- Share price to CBIZ shareholders: $55 per share, a 17.8 % premium to the prior close
- Immediate market reaction: CBIZ shares rose 17 % after the announcement
- Combined platform: over 20 countries and territories with more than $7.5 billion in revenue
- Advisers: Deutsche Bank (Grant Thornton) and Goldman Sachs (CBIZ)
Official Statements & Responses
Grant Thornton Advisors CEO Jim Peko said the merger will broaden the firm’s ability to support businesses from early development to global scale, noting the combined platform’s reach across more than 20 regions and its $7.5 billion revenue base.
William Blair analyst Andrew Nicholas observed that the fragmented nature of the accounting industry and the modest post-merger market share make regulatory approval unlikely to be a hurdle.
CBIZ will separate its benefits and insurance services segment into an independent company backed by New Mountain Capital after the deal closes, which is expected in the fourth quarter of 2026.
Impact & Next Steps
The acquisition creates one of the largest accounting services providers in the United States, intensifying competition for the Big Four. CBIZ’s “go-shop” period, during which it may entertain competing offers, runs until August 27. The transaction’s completion will reshape the mid-market advisory landscape and may prompt further consolidation among regional firms.
