Grant Thornton Advisors has agreed to acquire CBIZ in an all-cash deal with an enterprise value of $5 billion, creating the fifth-largest professional services, tax, and advisory provider in the U.S.
Acquisition Terms and Shareholder Premium
Under the definitive agreement announced on July 29, 2026, CBIZ shareholders will receive $55.00 in cash per share, according to the companies’ joint announcements. That cash payout represents a premium of approximately 54% over CBIZ’s 30-day volume-weighted average share price, while reporting from Reuters notes it marks a 17.8% premium to the firm’s previous close.
Financial backing for the transaction comes from private equity firm New Mountain Capital, which is investing incremental equity to enable the purchase. New Mountain previously led a May 2024 investment in Grant Thornton Advisors that fueled the firm’s ongoing growth strategy. The agreement also features a “go-shop” provision permitting CBIZ to solicit competing offers until August 27, 2026. Goldman Sachs advised CBIZ on the transaction, while Deutsche Bank served as the lead financial adviser for Grant Thornton Advisors.
Scaling Up Against the Big Four
The $5 billion deal reshapes the competitive hierarchy of the American professional services sector. Upon closing, the combined domestic operation is expected to generate more than $5 billion in annual domestic revenue, vaulting Grant Thornton into the fifth-largest position among U.S. providers of professional services, tax, and advisory services. The firm will sit directly behind the traditional Big Four: Deloitte, EY, KPMG, and PwC.
Globally, the expanded enterprise will span more than 20 countries and territories, pull in nearly $7.5 billion in total revenue, and employ more than 34,500 professionals across the Americas, Europe, the Middle East, and the Asia-Pacific region. Executives emphasized that the combination merges Grant Thornton Advisors’ multinational platform capabilities with CBIZ’s deep relationships across the United States.
“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. Together, we’ll bring the quality, scope and capabilities clients need to navigate an increasingly complex and rapidly evolving business environment.”
Jim Peko, chief executive officer of Grant Thornton Advisors LLC and leader of the Grant Thornton Advisors multinational platform
CBIZ President and Chief Executive Officer Jerry Grisko also praised the agreement. Jerry Grisko said that joining forces accelerates the realization of that vision, creating a stronger firm with new and exciting opportunities for our team members and enhanced service offerings for clients, while delivering significant value to CBIZ shareholders.
Industry Consolidation and AI Integration
The buyout represents the largest transaction of its kind in more than 25 years, unfolding amid a broader wave of consolidation across the mid-tier accounting and advisory sector. Mid-tier firms have increasingly raced to scale up and close the capability gap with the dominant Big Four firms. Recent market maneuvers include Baker Tilly and Moss Adams combining in a $7 billion deal last year, alongside CBIZ’s own acquisition of accounting firm Marcum for $2.3 billion in 2024.
Beyond traditional scale, the transaction builds directly on Grant Thornton Advisors’ recently announced $1 billion investment in artificial intelligence and advanced technologies. New Mountain Capital managing director Nikhil Devulapalli noted that the acquisition allows the firm to rapidly deploy its market-leading technology platforms deeper into the commercial market.
“The acquisition of CBIZ allows Grant Thornton Advisors to rapidly bring its market-leading AI and technology platform deeper into the market and continue its mission to lead on quality and breadth of service provided to a broad spectrum of clients of all sizes.”
Nikhil Devulapalli, managing director at New Mountain Capital
Future Structure and Closing Timeline
The corporate structure will shift significantly following the deal’s completion. Grant Thornton Advisors plans to separate CBIZ’s benefits and insurance services segment, establishing it as a new stand-alone, independent company backed by New Mountain Capital.
Regulatory approvals and customary closing conditions remain ahead. Both companies anticipate that the transaction will officially close in the fourth quarter of 2026, pending the conclusion of the active go-shop window and shareholder clearances.
