Grant Thornton Advisors to buy CBIZ for about $5 billion in cash
The $55-a-share take-private deal values CBIZ at a roughly 54% premium to its 30-day volume-weighted average price and would create the fifth-largest U.S. professional services, tax and advisory provider.
Grant Thornton Advisors has agreed to acquire CBIZ in an all-cash deal valued at about $5 billion, sending CBIZ shares up nearly 17% in their biggest one-day gain since 2003. CBIZ shareholders will receive $55 per share in cash, a price the companies said represents a roughly 54% premium to the company's 30-day volume-weighted average share price. The transaction, which won unanimous approval from the CBIZ Board of Directors, is expected to close in the fourth quarter of 2026, subject to shareholder and regulatory approvals, after which CBIZ will delist from the New York Stock Exchange. New Mountain Capital, which invested in Grant Thornton Advisors in May 2024, will provide incremental equity financing and also back a post-closing separation of CBIZ's Benefits and Insurance Services segment into a standalone entity. The combined business is expected to generate more than $5 billion in annual U.S. revenue and nearly $7.5 billion globally, with more than 34,500 professionals across over 20 countries and territories. CBIZ can solicit and evaluate other offers through August 27 under a go-shop provision. The announcement came with second-quarter results showing adjusted earnings per share of $0.91 on revenue of $682.2 million, alongside the withdrawal of full-year 2026 guidance because of the pending deal.
- volume-weighted average share price: An average stock price over a set period that gives more weight to days with heavier trading activity.
- go-shop provision: A merger clause that lets a target company seek and assess other takeover offers for a limited period after signing a deal.