CBIZ, Inc. (CBZ), a provider of financial, insurance and advisory services, announced wednesday that it has entered into a definitive agreement to acquire the non-attest business of Marcum, LLP. The cash-and-stock transaction is valued at approximately $2.3 billion.
It is expected that around half of the purchase consideration will be paid in cash and the remainder shares of CBIZ common stock.
The acquisition is expected to be accretive in 2025, with an estimated contribution to adjusted earnings per share of approximately 10 percent.
The company expects to close the deal in the fourth quarter of 2024 subject to the approval of CBIZ stockholders, the approval of Marcum's partners and other customary closing conditions.
The acquisition is expected to make CBIZ the seventh-largest accounting services provider in the U.S. with around $2.8 billion in annual revenue.
Concurrent with the closing of the CBIZ deal, the attest business of Marcum will be acquired by Mayer Hoffman McCann P.C., with which CBIZ has had an Administrative Service Agreement for over 25 years. .
In the deal, Perella Weinberg Partners is serving as CBIZ's financial advisor and Deutsche Bank is serving as Marcum's financial advisor.
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