CBIZ, Inc. (CBZ), a leading provider of financial, insurance, and advisory services, announced on Wednesday its entry into a definitive agreement to acquire the non-attest business of Marcum, LLP. The transaction, involving both cash and stock, is valued at approximately $2.3 billion.
The purchase consideration is expected to be split evenly, with half paid in cash and the remainder in CBIZ common stock.
The acquisition is projected to be accretive by 2025, contributing an estimated 10 percent to adjusted earnings per share.
The company anticipates closing the deal in the fourth quarter of 2024, subject to the approval of CBIZ stockholders, Marcum's partners, and other customary closing conditions.
This acquisition is expected to position CBIZ as the seventh-largest accounting services provider in the United States, with annual revenues of around $2.8 billion.
Simultaneously with the closure of the CBIZ transaction, the attest business of Marcum will be acquired by Mayer Hoffman McCann P.C., with whom CBIZ has maintained an Administrative Service Agreement for over 25 years.
In this deal, Perella Weinberg Partners is serving as financial advisor to CBIZ, while Deutsche Bank is acting as financial advisor to Marcum.
