Grant Thornton's US arm has agreed to acquire publicly listed CBIZ in an all-cash deal worth $5 billion. The transaction will combine two of the largest accounting and consulting firms operating outside the Big Four. Once closed, the combined entity would rank as the largest audit and consulting firm in the United States not named Deloitte, PwC, EY, or KPMG.
CBIZ shareholders are being bought out entirely in cash at a $5 billion valuation, which typically trades at or above the prevailing market price and represents a direct, immediate return. For investors in the broader professional services and mid-market accounting space, this signals that consolidation pressure is building below the Big Four, which could lift valuations for comparable publicly traded advisory and accounting firms.
Regulatory review timeline: antitrust clearance is typically required within 30 to 90 days of announcement for deals of this size. CBIZ shareholder vote: expected to be scheduled within 60 days of the announcement. Next CBIZ earnings report: any guidance update from CBIZ management will likely clarify deal timing.
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