Grant Thornton Advisors agreed to acquire professional services firm CBIZ in a $5 billion all-cash deal announced on July 29, 2026. The transaction creates the fifth-largest U.S. professional, tax and advisory services provider, backed by an equity investment from New Mountain Capital and offering shareholders $55 per share.
The U.S. professional services landscape is undergoing a massive structural shift. Grant Thornton Advisors has entered into a definitive agreement to acquire CBIZ in an all-cash transaction valuing the target at $5 billion. The deal reshapes the upper tiers of the American accounting and advisory sector, bringing together two major operations to challenge traditional market hierarchies.
Deal Terms, Shareholder Premiums, and Financial Structure
Under the terms of the agreement announced on Wednesday, CBIZ shareholders will receive $55.00 per share in cash. Outlets reported slightly differing valuations depending on the baseline metric used: WSJ cited a nearly $3 billion transaction value based on a prior closing price of $46.70, while Bloomberg and other reports measured the enterprise value at $5 billion, noting that the offer represents approximately a 54% premium to CBIZ’s 30-day volume-weighted average share price.
Private equity firm New Mountain Capital, which initially backed Grant Thornton Advisors in a May 2024 investment, is providing incremental equity to make the acquisition possible. The agreement also includes a go shop
period allowing CBIZ to solicit competing offers until August 27, according to Reuters. Goldman Sachs advised CBIZ on the transaction, while Deutsche Bank served as the lead financial adviser for Grant Thornton Advisors.
Creating the Fifth-Largest U.S. Professional Services Provider
Upon closing, the combined organization will vault into elite industry standing. markets.businessinsider.com reported that the combined entity is expected to become the fifth-largest provider of professional services, tax, and advisory services in the United States, trailing only the traditional Big Four firms: Deloitte, EY, KPMG, and PwC.
The transaction represents the largest of its kind in more than 25 years. The unified multinational platform will operate in more than 20 countries and territories, generate nearly $7.5 billion in annual revenue, and employ more than 34,500 professionals across the Americas, Europe, the Middle East, and the Asia-Pacific region.
Executive Perspectives on Scale and Artificial Intelligence Integration
Leadership from both companies emphasized that the transaction is designed to accelerate technological capabilities alongside geographic expansion. Grant Thornton has recently emphasized advanced digital tooling, including a previously announced $1 billion investment in artificial intelligence and advanced technologies.
“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
CBIZ leadership echoed the strategic alignment of the buyout. Jerry Grisko, president and chief executive officer of CBIZ, noted that joining Grant Thornton accelerates the firm’s long-term vision while providing immediate value to shareholders.
“This is a historic combination with a complementary cultural and strategic fit. CBIZ has grown rapidly over many years to become a leading professional services provider. Joining Grant Thornton Advisors 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.”
Jerry Grisko, president and chief executive officer of CBIZ
From the private equity side, New Mountain Capital managing director Andre Moura pointed out that the combined firm’s scale and forward momentum in artificial intelligence will establish it as one of the most forward-thinking firms in the world regarding AI.
Middle-Market Consolidation and Future Structural Plans
The acquisition highlights a broader wave of rapid consolidation across the middle-market accounting sector as firms scramble to close the gap with the dominant Big Four.
Following the formal closing of the transaction—which is expected to take place in the fourth quarter of 2026—Grant Thornton plans to separate CBIZ’s benefits and insurance services segment into an independent, stand-alone company backed by New Mountain Capital.
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