Grant Thornton CBIZ deal: $5B accounting mega-takeover
Grant Thornton Advisors will buy CBIZ for $5 billion cash in the Grant Thornton CBIZ deal announced Wednesday. Shareholders get $55 a share—a 17.8% premium to the prior close. The takeover, the largest of its kind in over 25 years, would make Grant Thornton the fifth-largest U.S. professional services firm behind the Big Four.
Key Takeaways
- Grant Thornton Advisors will acquire CBIZ in a $5 billion all-cash transaction, creating one of the largest U.S. accounting services providers.
- CBIZ shareholders will receive $55 per share; the stock jumped about 17.5% in premarket trading after the news.
- The combined firm would rank fifth in U.S. professional, tax and advisory services, behind only Deloitte, EY, KPMG and PwC.
- New Mountain Capital is backing the deal and plans to spin CBIZ’s benefits and insurance unit into a separate company after closing.
- Closing is targeted for the fourth quarter of 2026, with a go-shop window for rival bids through August 27.
What is the Grant Thornton CBIZ deal and why does it matter?
According to Reuters, Grant Thornton Advisors will buy CBIZ for $5 billion in cash, creating one of the largest accounting services providers in the United States.
The companies said the transaction is the largest of its kind in more than 25 years—echoing Financial Times coverage of the sector’s biggest takeover in a generation. For readers following corporate wealth and mega-deals, the story fits the Net Worth & Wealth beat of mid-tier firms racing toward Big Four scale.
Upon closing, Grant Thornton would become the fifth-largest U.S. provider of professional, tax and advisory services. The combined platform would span more than 20 countries and territories and generate nearly $7.5 billion in revenue.
How much will CBIZ shareholders get?
CBIZ shareholders will receive $55 per share in cash. Reuters reported that as a 17.8% premium to the previous close, and CBIZ shares jumped 17.5% in premarket trading after the announcement.
The deal includes a “go-shop” period so CBIZ can solicit competing offers until August 27. Closing is expected in the fourth quarter of 2026, subject to shareholder and regulatory approvals and other customary conditions.
Goldman Sachs advised CBIZ. Deutsche Bank is the lead financial adviser for Grant Thornton Advisors.
Who is funding the deal and what happens next?
Grant Thornton has been expanding since a 2024 investment from a consortium led by private equity firm New Mountain Capital. New Mountain is making a fresh investment to support the CBIZ purchase.
After the deal closes, Grant Thornton plans to separate CBIZ’s benefits and insurance services segment into an independent company backed by New Mountain.
Grant Thornton Advisors CEO Jim Peko said combining the firm’s multinational platform with CBIZ’s U.S. market presence would broaden support for businesses “from early development to global scale.”
Is this part of a wider accounting consolidation wave?
Yes. Reuters framed the deal as the latest sign of rapid consolidation among U.S. mid-tier firms trying to close the gap with the Big Four.
Baker Tilly and Moss Adams combined last year in a $7 billion deal. CBIZ, which focuses on the middle market, bought accounting firm Marcum in a $2.3 billion deal in 2024. The Grant Thornton–CBIZ combination continues that push for scale, talent and cross-border reach.