Grant Thornton Advisors will buy CBIZ for $5 billion in cash, the companies said on Wednesday, creating one of the largest accounting services providers in the U.S.
The deal would make Grant Thornton the fifth-largest U.S. provider of professional, tax and advisory services, behind only the Big Four firms: Deloitte, EY, KPMG and PwC.
CBIZ shareholders will receive $55 per share, a 17.8% premium to its previous close. Its shares jumped 17%. “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,” Grant Thornton Advisors CEO Jim Peko said.
The combined platform will span over 20 countries and territories with more than $7.5 billion in revenue.
“Given the fragmented nature of the industry and relative small postmerger market share for the combined organization, we would not expect regulatory approval to be an issue,” William Blair analyst Andrew Nicholas said.
INDUSTRY CONSOLIDATION
The deal is the latest sign of rapid consolidation in the U.S. accounting sector, as mid-tier firms race to close the gap with the Big Four. Baker Tilly and Moss Adams combined last year in a $7 billion deal. CBIZ, which focuses on the middle-market, bought accounting firm Marcum in a $2.3 billion deal in 2024. Grant Thornton has also been on an expansion spree since receiving investment from a consortium led by buyout firm New Mountain Capital in 2024. New Mountain is making new equity investment to support the CBIZ transaction, which the companies said represents the largest of its kind in more than 25 years. Following the deal’s expected close in the fourth quarter of 2026, CBIZ’s benefits and insurance services segment will be separated into an independent company backed by New Mountain. CBIZ has a “go shop” period to solicit competing offers until August 27. Deutsche Bank is the lead financial adviser for Grant Thornton, while Goldman Sachs advised CBIZ.