Grant Thornton Advisors is acquiring CBIZ for $5 billion in an all-cash transaction announced July 29, 2026, marking the largest deal of its kind in more than 25 years in the professional services industry. CBIZ shareholders will receive $55 per share in cash, representing a 54% premium to the company’s 30-day volume-weighted average share price.
The combined firm will become the fifth-largest professional services, tax and advisory provider in the United States, with more than $5 billion in annual domestic revenue. Upon closing, the multinational platform will span 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.
New Mountain Capital, which led a May 2024 investment in Grant Thornton Advisors, is making an incremental equity investment to support the transaction. The deal is expected to close in the fourth quarter of 2026, subject to CBIZ shareholder approval, receipt of required regulatory approvals, and satisfaction of other customary closing conditions.
The transaction reflects a broader wave of consolidation in the accounting industry. In June 2026, Crowe agreed to sell a majority stake to KKR and co-investors in a nearly $3 billion deal, seeking capital for AI adoption and expansion. In 2025, BDO USA acquired Horne LLP in its largest deal ever, while CBIZ itself acquired Marcum in 2024 for $2.3 billion to position itself as the seventh-largest U.S. accounting firm at that time.
Grant Thornton Advisors’ chief executive officer, Jim Peko, stated the combination will broaden the firm’s ability to support businesses through every stage of growth. CBIZ president and chief executive officer Jerry Grisko called it a historic combination with complementary cultural and strategic fit, accelerating the realization of CBIZ’s vision of becoming a stronger firm with new opportunities for team members and enhanced service offerings for clients.
The combined firm will build on Grant Thornton Advisors’ recently announced $1 billion investment in AI and advanced technologies. Both firms emphasized that the merger will expand their ability to deliver AI-enabled solutions and capabilities at greater scale while maintaining a strong focus on quality, independence requirements, trust and client service.
Following the closing, Grant Thornton Advisors plans to separate CBIZ’s Benefits and Insurance Services segment into a new standalone entity backed by New Mountain Capital. Bob Mulcare and Sean Donovan, managing directors at New Mountain Capital, said they look forward to building on the strong foundations within that segment to create a new leading firm dedicated to insurance, retirement and payroll services.
Under the terms of the definitive merger agreement, CBIZ’s Board of Directors has unanimously approved the transaction and recommends that shareholders vote in favor of it. CBIZ will be permitted to solicit alternative acquisition proposals from third parties during a “go-shop” period ending August 27, 2026. Upon completion, CBIZ will become wholly-owned by Grant Thornton Advisors, and CBIZ common stock will cease to trade on the New York Stock Exchange.
Sources
- CBIZ Investor Relations — official press release announcing the Grant Thornton acquisition, deal terms, and closing expectations
- Reuters — confirmation of the $5 billion deal, fifth-largest firm status, and deal structure
- Bloomberg Tax — details on the 54% premium to shareholders and all-cash transaction
- CFO Dive — deal terms and shareholder consideration
- Wall Street Journal — Crowe’s KKR deal valuation and timing (June 2026)
- CPA Trend Lines — accounting firm M&A activity and precedent data
- Crains Cleveland — CBIZ’s 2024 Marcum acquisition and prior market positioning
