Pull to refresh
Logo
Grant Thornton buys CBIZ in $5 billion cash deal

Grant Thornton buys CBIZ in $5 billion cash deal

Money Moves

A private-equity-backed accounting firm swallows a rival, the largest such deal in over 25 years

August 27th, 2026: Go-shop period ends

Overview

Updated Jul 29

CBIZ shareholders will get $55 in cash per share, about 54% more than the stock's recent average. That is the price Grant Thornton Advisors agreed to pay on July 29 to buy the rival professional-services firm in an all-cash deal worth $5 billion.

The combined firm would pull in close to $7.5 billion a year and employ more than 34,500 people, making it the fifth-largest accounting and advisory provider in the US. Both firms call it the biggest deal of its kind in more than 25 years.

Why it matters

Private-equity money is buying up the firms that audit and advise American businesses, and this is the largest bet yet on that shift.

Questions about this story

Free account needed to ask — your question is kept and asked for you right after sign-up. Answers are public.

No questions yet — be the first to ask.

Key Indicators

$5B
Enterprise value
All-cash price for CBIZ, including debt.
$55.00
Price per share
Cash paid for each CBIZ share.
54%
Premium
Markup over CBIZ's 30-day average share price.
$7.5B
Combined revenue
Annual global revenue of the merged firm.
34,500
Staff
Employees across more than 20 countries after closing.
5th
US ranking
The merged firm's rank among US professional-services providers.

Voices

Curated perspectives — historical figures and your fellow readers.

Ever wondered what historical figures would say about today's headlines?

Sign up to generate historical perspectives on this story.

People Involved

Organizations Involved

Timeline

August 2021 August 2026

5 events Latest: August 27th, 2026 · 2 weeks ago
Tap a bar to jump to that date
  1. Go-shop period ends

    Latest Deal Process

    CBIZ's window to solicit competing offers closes. A higher bid could change the buyer or the price.

  2. Grant Thornton agrees to buy CBIZ

    Money Move

    Grant Thornton Advisors agrees to buy CBIZ for $5 billion in cash at $55 a share. CBIZ shares post their biggest single-day gain in over 20 years.

  3. CBIZ completes Marcum deal

    Money Move

    CBIZ closes its $2.3 billion purchase of Marcum's non-attest business, reaching about $2.8 billion in revenue and 10,000-plus staff.

  4. New Mountain buys into Grant Thornton

    Money Move

    New Mountain Capital closes a majority investment in Grant Thornton's US non-audit business, then the largest private equity deal in the profession.

  5. Private equity enters accounting

    Context

    EisnerAmper takes investment from TowerBrook Capital, the first big private equity stake in a major US accounting firm.

Scenarios

1

Deal closes as agreed by year-end

Likely Resolves by Jan 31, 2027

Discussed by: Grant Thornton and CBIZ, in their joint announcement

CBIZ shareholders and regulators approve the $55-a-share deal, and no higher bid emerges during the go-shop period. Grant Thornton closes the purchase in the fourth quarter and starts folding in CBIZ's staff. This is the base case both companies laid out, and the large cash premium gives shareholders a strong reason to vote yes.

2

A rival bidder tops Grant Thornton's offer

Unlikely Resolves by Oct 31, 2026

Discussed by: Deal terms disclosed in CBIZ's SEC filing (go-shop clause)

CBIZ's go-shop period lets it seek a better offer through August 27. Another buyer, possibly a rival private-equity-backed firm, could bid above $55 a share. Given how many large accounting platforms are hunting for scale, a competing offer is plausible, though the 54% premium sets a high bar to beat.

3

Regulators delay or block the merger

Possible Resolves by Jan 31, 2027

Discussed by: Deal filings noting required regulatory approvals

The deal needs regulatory clearance. Antitrust reviewers could scrutinize how much the merger concentrates audit and advisory work, especially given the wave of accounting consolidation. A second request or extended review would push closing past the fourth-quarter target, even if the deal ultimately survives.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

August 2021

EisnerAmper takes private equity money (2021)

EisnerAmper, a top-20 US accounting firm, sold a large stake to private equity firm TowerBrook Capital Partners. To keep its CPA license, the firm split into an audit entity and a separately owned advisory business.

Then

EisnerAmper used the cash to buy more than a dozen smaller firms within three years.

Now

The deal opened the door for outside investors and reshaped how big US accounting firms are owned.

Why this matters now

It set the template Grant Thornton later used: split off the non-audit business so private equity can own and grow it.

November 2024

CBIZ absorbs Marcum (2024)

CBIZ paid about $2.3 billion for the non-attest business of Marcum, the largest deal in CBIZ's history. The purchase pushed CBIZ to roughly $2.8 billion in revenue and made it the seventh-largest US accounting provider.

Then

CBIZ grew to more than 10,000 staff across 22 major markets.

Now

The bigger CBIZ became a more attractive target, setting up its own sale less than two years later.

Why this matters now

The scale CBIZ built by buying Marcum is exactly what makes it worth $5 billion to Grant Thornton now.

January 2025

Citrin Cooperman flips to Blackstone (2025)

New Mountain Capital sold accounting firm Citrin Cooperman to another private equity firm, Blackstone. It was the first time a US accounting firm passed from one buyout owner to the next.

Then

Citrin Cooperman got a fresh round of capital to keep acquiring smaller firms.

Now

It showed private equity now treats accounting firms as assets to buy, grow, and resell, like any other industry.

Why this matters now

The same firm, New Mountain, is behind Grant Thornton, showing how these owners recycle capital across accounting deals.

Sources

(7)