CBIZ, Inc. (CBZ): M&A transaction — 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).

item 1.01 item 2.03 item 2.01 item 3.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.95

CBIZ, Inc. completed an acquisition involving Marcum LLP for $637.6 million in cash and 14,260,645 shares of common stock (closed 2024-11-01).

Action: acquisition
Counterparty: Marcum LLP
Consideration: $637.6 million in cash and 14,260,645 shares of common stock
Closing: 2024-11-01

Exact text from the filing

On November 1, 2024, the Transaction was completed. At closing, the Company paid a total of $637.6 million in cash as consideration to Marcum partners (including escrowed amounts) and an additional $425.5 million in cash to satisfy certain obligations of Marcum and for certain other specified closing payments as provided by the Merger Agreement.

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CBIZ, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-249818

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