Grant Thornton Advisors has completed its previously announced acquisition of US-based professional services advisor CBIZ.
The $5bn deal was first announced in July.
The completion of the transaction creates the fifth-largest US provider of professional services, tax, and advisory offerings, according to the company.
Grant Thornton Advisors said the deal is the largest transaction of its kind in more than 25 years.
New Mountain Capital provided additional equity for the acquisition. The firm led an investment in Grant Thornton Advisors in May 2024.
The acquisition adds CBIZ to Grant Thornton Advisors' multinational platform, which operates across more than 25 countries and territories.
The expanded platform will generate annual revenue of more than $7bn and employ over 34,500 professionals across the Americas, Europe, the Middle East, and Asia-Pacific.
The combined business will eventually operate under the Grant Thornton brand through an integrated model.
Jim Peko will continue as chief executive of Grant Thornton Advisors and lead its multinational platform.
Peko said: "Today, we bring together two firms with complementary capabilities and a shared commitment to incredible client service.
"CBIZ's strong US relationships and industry knowledge, combined with our expertise, multinational reach and investment in technology, give us a powerful formula for serving clients no matter how complex their needs.
"Our focus now is on bringing together the best of both organizations to help our clients achieve even greater success, while opening new paths for our people to grow and thrive."
A separate attest transaction involving Grant Thornton and CBIZ CPAs is expected to close later this year.
CBIZ CPAs will remain an independently licenced public accounting firm during the transition period. It is then expected to integrate with Grant Thornton. Grant Thornton Advisors said the transaction will support its previously announced $1bn investment in artificial intelligence and advanced technologies.
"Grant Thornton Advisors completes CBIZ acquisition" was originally created and published by International Accounting Bulletin , a GlobalData owned brand.
