Grant Thornton to Buy CBIZ in $5.0 Billion Cash Deal

The Tip Desk · October 29, 2026 · 2 min read

The accounting firm agreed to pay $55.00 a share for the middle-market professional-services advisor, with a close expected in the fourth quarter of 2026.

Grant Thornton agreed to acquire CBIZ, Inc. (CBZ), a professional services advisor to middle-market businesses, in an all-cash transaction valued at an enterprise value of $5.0 billion. Shareholders will receive $55.00 a share.

The deal is expected to close in the fourth quarter of 2026, subject to approval by CBIZ shareholders, receipt of required regulatory approvals, and satisfaction of other customary closing conditions.

CBIZ, founded in 1996, employs more than 9,500 people across more than 140 locations in 23 major markets. It operates through two practice groups, Financial Services and Benefits and Insurance, covering accounting and tax, financial advisory, technology, government health care consulting, employee benefits, payroll, property and casualty insurance, and retirement services.

Financial Services accounted for $2.35 billion, or 85.1%, of CBIZ revenue for the year ended December 31, 2025, compared with $1.41 billion, or 77.9%, in 2024. Benefits and Insurance Services contributed $409.6 million, or 14.9%, of 2025 revenue. Total revenue was $2.76 billion in 2025.

Independence rules preclude CBIZ from rendering audit and attest services. It maintains joint-referral relationships and administrative service agreements with independent CPA firms, including CBIZ CPAs, P.C., formerly Mayer Hoffman McCann, P.C., and Myers and Stauffer LC. Fees under those agreements totaled approximately $651.2 million in 2025, $306.5 million in 2024, and $259.6 million in 2023.

CBIZ said a key component of its strategy is growth by acquisition, pursuing firms that help it enter geographic markets, add services, expand into higher-growth industries, and access talent. In 2025 it completed one business acquisition in the fourth quarter that it described as immaterial to the consolidated financial statements.

The company said its revenue growth model includes recurring revenue with high client retention, new client wins, cross-serving, and inorganic strategic acquisitions. Its largest client, served by Financial Services, generated approximately 1.7% of consolidated revenue in 2025.

Grant Thornton’s purchase of CBIZ at $55.00 a share and a $5.0 billion enterprise value would fold that national middle-market platform into the accounting firm, with the transaction still awaiting shareholder and regulatory sign-off and a planned fourth-quarter 2026 close.