CBIZ agrees to buy Marcum in $2.3B cash-and-stock deal; Q4 2024 close

CBIZ, Inc.

Total consideration ~$2.3B: ~$1.1B cash + ~14.4M shares at $76.84; expected close Q4 2024 subject to approvals.
Combined annual revenue ~$2.8B; CBIZ becomes 7th-largest U.S. accounting services provider.
Marcum has ~$1.2B revenue, 3,500+ professionals, 43 offices, and 35,000+ clients.
Financing secured: $2.0B committed senior secured credit facilities from Bank of America.
Voting agreement with Marcum partners holding ~41% of units; termination fees up to $48M for CBIZ, $22M for Marcum.

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