Grant Thornton to buy CBIZ in $5 billion cash deal

• The all-cash transaction is valued at $5 billion
• Grant Thornton will become the fifth-largest U.S. provider of professional, tax and advisory services following the deal
• Goldman Sachs advised CBIZ while Deutsche Bank served as lead financial adviser for Grant Thornton Advisors

Summary

Key Transaction Details:

Grant Thornton Advisors announced the acquisition of professional services firm CBIZ for $5 billion in an all-cash transaction on July 29. The deal is expected to close in the fourth quarter of 2026.

Strategic Implications:

This acquisition will enable Grant Thornton to expand its global footprint and elevate the firm to become the fifth-largest provider of professional, tax, and advisory services in the United States. The combination will significantly strengthen Grant Thornton's market position in the competitive professional services sector.

Companies and Sectors:

• Buyer: Grant Thornton Advisors (professional services, tax, and advisory)
• Target: CBIZ (professional services firm)
• Advisors: Goldman Sachs served as financial advisor to CBIZ, while Deutsche Bank acted as lead financial adviser to Grant Thornton Advisors

Market Context:

The $5 billion valuation represents a significant consolidation move in the professional services industry, which has seen increased M&A activity as firms seek scale and expanded service capabilities. The deal underscores the ongoing trend of mid-tier accounting and advisory firms pursuing growth through strategic acquisitions to compete more effectively with the Big Four accounting firms.

Timeline:

• Announcement: July 29, 2025
• Expected closing: Q4 2026

This transaction marks one of the larger deals in the professional services sector and signals continued consolidation among accounting and advisory firms seeking to enhance their competitive positioning and service offerings.