Grant Thornton to acquire CBIZ for $5B
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Grant Thornton will acquire CBIZ in an all-cash $5 billion deal.
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Upon the transaction’s expected closing in the fourth quarter of this year, Grant Thornton is expected to become the fifth-largest firm with more than $5 billion in domestic revenue and $7.5 billion globally. Grant Thornton currently ranks No. 9 on Accounting Today‘s 2026
The combination is backed by Grant Thornton’s private equity investor New Mountain Capital, and it aims to enhance the firm’s AI capabilities, grow its multinational reach, and expand its industry specialization and service offerings. Grant Thornton also plans to separate CBIZ’s benefits and insurance segment into a new independent company backed by New Mountain.
“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,” Jim Peko, CEO of Grant Thornton Advisors and leader of the Grant Thornton Advisors multinational platform, said in a statement. “Together, we’ll bring the quality, scope and capabilities clients need to navigate an increasingly complex and rapidly evolving business environment.”
CBIZ shareholders will receive $55 in cash per share, which is roughly a 54% premium to CBIZ’s 30-day volume-weighted average share price. The firm will be wholly-owned by Grant Thornton Advisors, and its stock will cease to trade and no longer be listed on the New York Stock Exchange.
“This is a historic combination with a complementary cultural and strategic fit,” Jerry Grisko, president and chief executive officer of CBIZ, said in a statement. “CBIZ has grown rapidly over many years to become a leading professional services provider. 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 recommended that shareholders vote in favor of the transaction.
“We’re pleased to continue to support Grant Thornton Advisors’ strategic growth plan, a journey we have been on together since May 2024,” Andre Moura, managing director of New Mountain Capital, said in a statement. “Following the acquisition of CBIZ, Grant Thornton in the U.S. will be the fifth largest professional services, tax and advisory provider in the nation and one of the most forward-thinking firms in the world regarding AI. That scale and forward momentum will put the combined firm in a stronger position than ever to serve its clients and create meaningful opportunities for its partners and staff.”
Goldman Sachs is serving as financial advisor to CBIZ. Weil, Gotshal & Manges is serving as its legal advisor, and Teneo is serving as its strategic communications advisor.
Deutsche Bank is acting as lead financial advisor for Grant Thornton Advisors. Other financial advisors include JPMorgan, BMO Capital Markets, BofA Securities, RBC Capital Markets and UBS Investment Bank.
Evercore is acting as financial advisor to New Mountain Capital and Grant Thornton on the CBIZ benefits and insurance segment. Simpson Thacher & Bartlett, Mayer Brown and Hunton Andrews Kurth are serving as legal advisors to Grant Thornton Advisors, and Goldin Solutions is serving as strategic communications advisor.
