Key Takeaways
- • Grant Thornton Advisors to acquire CBIZ in $5 billion all-cash transaction, with CBIZ shareholders receiving $55 per share—an 18% premium to the closing price of $46.70 on the day prior to announcement.
- • Deal creates fifth-largest U.S. professional services firm by revenue, generating approximately $5 billion annually, positioning Grant Thornton as a credible challenger to Big Four accounting firms.
- • Private equity-backed structure: New Mountain Capital is backing the acquisition, with the deal structured as an all-cash transaction expected to close following regulatory approval and customary closing conditions.
- • Largest professional services deal in 25+ years, reflecting significant consolidation activity in the accounting and advisory services sector and Grant Thornton's ambitions to expand its U.S. footprint and service capabilities.
- • Enterprise value of $5 billion with equity consideration of nearly $3 billion to CBIZ shareholders, reflecting a substantial valuation multiple for the Independence, Ohio-based professional services provider.
Summary
Grant Thornton Advisors has entered into a definitive agreement to acquire CBIZ Inc. in an all-cash transaction valued at $5 billion in enterprise value, according to announcements on July 29, 2026. The deal represents the largest professional services acquisition in more than 25 years and marks a watershed moment in industry consolidation as Grant Thornton seeks to establish itself as a formidable alternative to the Big Four accounting firms.
CBIZ shareholders will receive $55 per common share in cash, totaling approximately $3 billion in equity consideration—representing an 18% premium to CBIZ's closing price of $46.70 on the trading day prior to the announcement. The transaction is structured as an all-cash deal backed by private equity firm New Mountain Capital, underscoring confidence in the strategic rationale and financial viability of the combined entity.
The combined firm will generate approximately $5 billion in annual revenue, positioning the merged company as the fifth-largest professional services provider in the United States. This scale and breadth of service offerings will enable the combined entity to compete more effectively with the Big Four—Deloitte, PwC, EY, and KPMG—in key service lines including audit, tax, consulting, and industry-specific advisory services.
The acquisition is subject to customary closing conditions and regulatory approvals. The transaction underscores Grant Thornton's strategic pivot toward scaling its U.S. operations and expanding its addressable market, while providing CBIZ shareholders with immediate liquidity at a significant premium to prevailing market valuations. The deal also reflects broader trends toward consolidation among mid-market professional services firms seeking to achieve the scale and service diversity required to compete for enterprise clients.
CBIZ shareholders will receive $55 per common share in cash, totaling approximately $3 billion in equity consideration—representing an 18% premium to CBIZ's closing price of $46.70 on the trading day prior to the announcement. The transaction is structured as an all-cash deal backed by private equity firm New Mountain Capital, underscoring confidence in the strategic rationale and financial viability of the combined entity.
The combined firm will generate approximately $5 billion in annual revenue, positioning the merged company as the fifth-largest professional services provider in the United States. This scale and breadth of service offerings will enable the combined entity to compete more effectively with the Big Four—Deloitte, PwC, EY, and KPMG—in key service lines including audit, tax, consulting, and industry-specific advisory services.
The acquisition is subject to customary closing conditions and regulatory approvals. The transaction underscores Grant Thornton's strategic pivot toward scaling its U.S. operations and expanding its addressable market, while providing CBIZ shareholders with immediate liquidity at a significant premium to prevailing market valuations. The deal also reflects broader trends toward consolidation among mid-market professional services firms seeking to achieve the scale and service diversity required to compete for enterprise clients.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.