Grant Thornton buys CBIZ for $5 billion, creating fifth-largest US firm

Grant Thornton Advisors will acquire CBIZ in a $5 billion all-cash deal that reshapes the US professional services landscape.

Grant Thornton Advisors agreed to buy CBIZ for $5 billion in cash, a combination that creates the fifth-largest US provider of professional services, tax and advisory work with more than $5 billion in annual domestic revenue.

"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 shareholders will receive $55 per share, a 54 percent premium to the 30-day volume-weighted average price and 17.8 percent above the last closing price. The combined 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.

The transaction, the largest of its kind in more than 25 years, marks an escalation in the consolidation of the mid-tier accounting market, where firms are bulking up to compete with the Big Four — Deloitte, EY, KPMG and PwC — for cross-border clients and technology investment. Grant Thornton recently announced a $1 billion investment in AI and advanced technologies, and the CBIZ acquisition will accelerate the deployment of those tools across a broader client base.

New Mountain Capital, which led a May 2024 investment in Grant Thornton Advisors, will provide additional equity to support the deal. Following the close, Grant Thornton plans to separate CBIZ's Benefits and Insurance Services segment into a new stand-alone entity backed by New Mountain Capital.

"We're pleased to continue to support Grant Thornton Advisors' strategic growth plan, a journey we have been on together since May 2024," said Andre Moura, managing director at New Mountain Capital. "Following the acquisition of CBIZ, Grant Thornton in the US will be the fifth largest professional services, tax and advisory provider in the nation and one of the most forward-thinking firms in the world regarding AI."

The acquisition gives Grant Thornton access to CBIZ's deep relationships across the US middle market. CBIZ has more than 9,500 team members across 23 major markets and provides accounting, tax, advisory, benefits, insurance and technology services. Jerry Grisko, CBIZ's president and chief executive officer, called the deal "a historic combination with a complementary cultural and strategic fit."

Goldman Sachs advised CBIZ on the transaction. Deutsche Bank served as lead financial adviser for Grant Thornton Advisors, with J.P. Morgan, BMO Capital Markets, BofA Securities, RBC Capital Markets and UBS Investment Bank also advising. Evercore advised New Mountain Capital and Grant Thornton on the Benefits and Insurance segment separation.

The deal is expected to close in the fourth quarter of 2026, subject to CBIZ shareholder approval and regulatory clearances. CBIZ has a "go-shop" period through Aug. 27, 2026, during which it can solicit alternative proposals. The CBIZ board unanimously approved the transaction and recommends shareholders vote in favor.

The consolidation reflects a broader trend in professional services, where mid-tier firms are combining to achieve the scale needed for technology investment and global client coverage. Grant Thornton's $1 billion AI commitment positions the combined firm to deploy AI-enabled solutions across a larger client base — a capability that smaller competitors may struggle to match as the industry's technology demands intensify.

This article is for informational purposes only and does not constitute investment advice.