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Grant Thornton buys CBI in $5B deal
Grant Thornton Advisors and CBIZ announced the completion of a $5 billion acquisition deal. The two companies will merge to become one of the largest accounting and consulting service firms in the United States, with estimated annual revenues reaching approximately $7.5 billion and an impact spanning over 20 countries. The deal will give CBIZ shareholders $55 per share, representing a premium of 17.8%, which led to a 17.5% increase in the company's stock before the market opened. This transaction comes amid a wave of mergers within the American accounting sector, supported by a new investment and backing from New Mountain Capital. The aim is to strengthen the overall capabilities of both companies, with the possibility of receiving competing takeover offers during the "go shop" period.
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