M&A
confidence high
sentiment positive
materiality 0.90
CBIZ closes $2.3B acquisition of Marcum’s non-attest business, expects ~$2.8B combined revenue
CBIZ, Inc.
- Total consideration $2.3B: $637.6M cash to partners, $425.5M for obligations, plus 14.26M shares.
- New $2.0B credit facilities ($1.4B term loan, $600M revolver) funded the cash portion, maturing Nov 2029.
- Expected combined annualized revenue ~$2.8B; deal expected accretive in 2025 with ~10% adjusted EPS contribution.
- Marcum FY2023 revenue $1.17B, net income $414M (from audited financials filed as Exhibit 99.2).