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Grant Thornton to acquire CBIZ in a $5 billion all-cash deal to become a top-tier global accounting firm.

Grant Thornton will acquire CBIZ in an all-cash $5 billion deal, expected to close in the fourth quarter of this year. Upon completion, Grant Thornton will become the fifth-largest firm with more than $5 billion in domestic revenue, reaching a global revenue of $7.5 billion and employing over 34,500 people. The transaction is backed by private equity investor New Mountain Capital and aims to expand the firm's AI capabilities and multinational reach. Jim Peko, CEO of Grant Thornton Advisors, stated that the combination will broaden the firm's ability to support businesses through every stage of growth. Jerry Grisko, president and CEO of CBIZ, noted that the combination is a historic move that creates a stronger firm with enhanced service offerings. Shareholders of CBIZ, currently the only publicly traded accounting firm, will receive $55 in cash per share, representing a 54% premium. The deal is expected to close later this year, though a 'go-shop' provision remains in effect until August 27. Goldman Sachs is serving as the financial advisor to CBIZ, while Deutsche Bank is leads the financial advisory for Grant Thornton Advisors.

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