Grant Thornton Advisors to Acquire CBIZ in $5B All-Cash Deal
Grant Thornton Advisors LLC has agreed to acquire CBIZ Inc. in an all-cash transaction valued at $5 billion, a deal that will create the fifth-largest provider of professional services, tax and advisory services in the U.S. while accelerating the firm’s investment in artificial intelligence and technology.
Under the terms of the agreement, CBIZ shareholders will receive $55 per share in cash, representing a premium of approximately 54% to the company’s 30-day volume-weighted average share price. The transaction, expected to close in the fourth quarter of 2026, is the largest of its kind in more than 25 years.
New Mountain Capital, which led a strategic investment in Grant Thornton Advisors in May 2024, will provide additional equity financing to support the acquisition.
The combined organization is expected to generate more than $5 billion in annual domestic revenue, while its multinational platform will span more than 20 countries and territories, employ approximately 34,500 professionals and produce nearly $7.5 billion in annual revenue across the Americas, Europe, the Middle East and Asia-Pacific.
The transaction also builds on Grant Thornton Advisors’ recently announced $1 billion investment in AI and advanced technologies, expanding the firm’s ability to deliver AI-enabled advisory solutions across a broader client base.
“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,” said Jim Peko, chief executive officer of Grant Thornton Advisors.
CBIZ President and CEO Jerry Grisko called the combination a “historic” transaction, citing the firms’ complementary cultures and strategic alignment.
Following the closing, Grant Thornton Advisors plans to separate CBIZ’s Benefits and Insurance Services business into a standalone company backed by New Mountain Capital.
The merger agreement also includes a “go-shop” period through Aug. 27, 2026, allowing CBIZ to solicit and negotiate alternative acquisition proposals before the transaction is finalized.
Goldman Sachs & Co. LLC is serving as financial advisor to CBIZ. Weil, Gotshal & Manges LLP is serving as legal advisor to CBIZ, and Teneo is serving as strategic communications advisor to CBIZ.
Deutsche Bank is acting as lead financial advisor for Grant Thornton Advisors. Other financial advisors include J.P. Morgan, 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 & Insurance segment. Simpson Thacher & Bartlett LLP, Mayer Brown LLP and Hunton Andrews Kurth LLP are serving as legal advisors to Grant Thornton Advisors, and Goldin Solutions is serving as strategic communications advisor.
