M&A · Industrials · Services-Business Services, NEC
Grant Thornton Advisors to acquire CBIZ, Inc.
Announced Jul 28, 2026 · Closed Nov 2, 2026
Deal value$5.00BEV $5.00B
Premium63.8%To unaffected price
EV / Adj. EBITDA14.0x1.8x EV / Revenue
ConsiderationAll cash$55.00 per share
Transaction
- Acquirer
- Grant Thornton Advisors
- Target
- CBIZ, Inc. (CBZ)
- Buyer type
- Strategic
- Offer price per share
- $55.00
- Enterprise value
- $5.00B
- Status
- Closed Nov 2, 2026
Deal protections
- Break fee (target pays)
- $108M · 2.1%
- Reverse fee (buyer pays)
- $198M · 4.0%
- Go-shop
- Go-shop
- Financing
- Committed · JPMorgan, BofA Securities, RBC Capital Markets, UBS, BMO Capital Markets, Goldman Sachs
Advisors
- To the acquirer
- Deutsche Bank
- To the target
- Goldman Sachs
Sector context · Industrials
- Comparable deals
- 96 in the prior 24 months
- Premium
- 63.8% vs. 34.0% sector median
- EV / Adj. EBITDA
- 14.0x vs. 11.6x sector median
- Break fee
- 2.1% vs. 2.8% sector median
Timeline
- AnnouncedJul 28, 2026
- Proxy filedAug 27, 2026
- Definitive proxySep 21, 2026
- Shareholder voteOct 27, 2026
- ClosedNov 2, 2026
Valuation · fairness opinions
Discounted cash flow$44.27$59.37
Future share price$35.42$50.04
Future share price$42.90$58.50
Precedent transactions$32.95$106.08
Premiums paid$51.75$65.65
Offer $55.00
Implied value per CBIZ, Inc. share by analysis, from Goldman Sachs · DCF discount rate 9.5%–10.5%.