Deal creates the fifth-largest professional services, tax and advisory provider in the U.S.
Grant Thornton Advisors LLC, together with its affiliates (“Grant Thornton Advisors”), New Mountain Capital and CBIZ, Inc. (NYSE: CBZ) (“CBIZ”) announced a definitive agreement under which Grant Thornton Advisors will acquire CBIZ in an all-cash transaction with an enterprise value of $5 billion — the largest deal of its kind in more than 25 years.
Under the terms of the agreement, CBIZ shareholders will receive $55.00 in cash per share, a premium of approximately 54% to CBIZ’s 30-day volume-weighted average share price. New Mountain Capital, which led a May 2024 investment in Grant Thornton Advisors, will provide incremental equity to support the transaction.
Creating a top-five U.S. provider
Upon closing, Grant Thornton in the U.S. is expected to become the fifth-largest provider of professional services, tax and advisory services, generating more than $5 billion in annual domestic revenue. Combined with Grant Thornton Advisors’ broader multinational platform, the enlarged group will operate across more than 20 countries and territories, generate nearly $7.5 billion in revenue, and employ more than 34,500 professionals across the Americas, Europe, the Middle East and Asia-Pacific.
The deal pairs Grant Thornton Advisors’ multinational reach with CBIZ’s deep U.S. client relationships, giving clients access to cross-border scale, broader multidisciplinary capabilities and AI-enabled technology, while preserving a shared focus on quality and client experience. It also builds on Grant Thornton Advisors’ previously announced $1 billion investment in AI and advanced technology.
“By combining our multinational platform with CBIZ’s strong market presence, we’re broadening our ability to support businesses through every stage of growth,” said Jim Peko, chief executive officer of Grant Thornton Advisors LLC. Jerry Grisko, president and CEO of CBIZ, called the deal “a historic combination with a complementary cultural and strategic fit,” adding that it delivers “significant value to CBIZ shareholders.”
New Mountain Capital’s Andre Moura said the transaction positions the combined firm “in a stronger position than ever to serve its clients,” while colleague Nikhil Devulapalli noted it allows Grant Thornton Advisors “to rapidly bring its market-leading AI and technology platform deeper into the market.”
Following completion, CBIZ’s Benefits and Insurance Services segment will be spun off into a new, independent company backed by New Mountain Capital, dedicated to insurance, retirement and payroll services.
Strategic rationale
Grant Thornton Advisors said the combination is designed to build a differentiated professional services provider, accelerate AI-enabled service delivery, deepen specialized industry expertise, strengthen client experience and service quality, and expand investment in innovation, talent and technology.
Transaction details
Once completed, CBIZ will become wholly owned by Grant Thornton Advisors and will delist from the New York Stock Exchange. The CBIZ Board has unanimously approved the deal and recommends shareholders vote in favor. Closing is expected in the fourth quarter of 2026, subject to shareholder and regulatory approvals and other customary conditions. The merger agreement includes a “go-shop” period, running through 11:59 p.m. Eastern Time on August 27, 2026, during which CBIZ may solicit alternative proposals from third parties.
In light of the announcement, CBIZ will release its second-quarter 2026 results via press release only, without holding a conference call or webcast.
Goldman Sachs is serving as financial advisor and Weil, Gotshal & Manges as legal advisor to CBIZ, with Teneo as strategic communications advisor. Deutsche Bank is lead financial advisor to Grant Thornton Advisors, alongside J.P. Morgan, BMO Capital Markets, BofA Securities, RBC Capital Markets and UBS Investment Bank; Evercore advises on the Benefits & Insurance segment. Simpson Thacher & Bartlett, Mayer Brown and Hunton Andrews Kurth are legal advisors to Grant Thornton Advisors, with Goldin Solutions as strategic communications advisor.
