Grant Thornton Advisors has agreed to acquire CBIZ in an all-cash deal valued at $5 billion, creating the fifth-largest professional services, tax, and advisory provider in the U.S. Announced on Wednesday, July 29, 2026, the transaction offers CBIZ shareholders $55 per share and is backed by private equity firm New Mountain Capital.
Professional services adviser CBIZ agreed to be taken private by Grant Thornton Advisors in an all-cash transaction with an enterprise value of $5 billion, according to the announcement issued on July 29, 2026. The deal values CBIZ shareholders at $55 per share in cash, marking a premium of approximately 54% over the company’s 30-day volume-weighted average share price as reported by Accounting Today.
The acquisition establishes Grant Thornton as the fifth-largest U.S. provider of professional services, tax, and advisory services, placing it directly behind the traditional Big Four firms: Deloitte, EY, KPMG, and PwC according to Reuters coverage. Upon closing, the combined multinational platform will span more than 20 countries and territories, generate nearly $7.5 billion in revenue, and employ over 34,500 professionals detailed GlobeNewswire.
Strategic Rationale and Leadership Perspectives on the $5 Billion Merger
Executives from both organizations emphasized the complementary nature of the combination. CBIZ brings a strong footprint among middle-market businesses in the United States, while Grant Thornton contributes an expansive international network.
Peko added that the partnership will bring the scale and capabilities clients require in an increasingly complex environment noted Accounting Today. CBIZ President and CEO Jerry Grisko also praised the agreement for delivering significant value to shareholders.
Grisko noted that joining Grant Thornton accelerates the realization of CBIZ’s long-term vision, creating enhanced service offerings for clients and new opportunities for staff according to the company statement. The CBIZ board of directors unanimously approved the transaction and recommended that shareholders vote in favor of the deal reported Accounting Today.
New Mountain Capital’s Backing and Insurance Segment Spin-Off
Private equity firm New Mountain Capital, which previously led a May 2024 investment in Grant Thornton Advisors, is providing incremental equity to facilitate the CBIZ transaction according to GlobeNewswire.
Following the expected completion of the acquisition in the fourth quarter of 2026 noted Reuters, Grant Thornton plans to separate CBIZ’s Benefits and Insurance Services segment into an independent, stand-alone entity backed by New Mountain Capital according to corporate disclosures.
Industry Consolidation and Deal Terms
The agreement reflects a broader wave of consolidation sweeping the U.S. accounting sector as mid-tier firms race to narrow the gap with the Big Four reported Reuters. Last year, Baker Tilly and Moss Adams combined in a $7 billion deal, while CBIZ previously acquired accounting firm Marcum in a $2.3 billion transaction in 2024 noted Reuters.
Financial markets reacted swiftly to the announcement. CBIZ shares jumped 17% reported Reuters.
Nicholas also noted that due to the fragmented nature of the market and the modest post-merger market share of the combined entity, regulatory approval is not expected to present a significant hurdle reported Reuters. Meanwhile, CBIZ maintains a “go-shop” provision allowing it to solicit alternative proposals until August 27 according to Reuters.
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