M&A
confidence high
sentiment neutral
materiality 0.85
CBIZ completes $2.2B Marcum non-attest acquisition; pro forma revenue $2.7B
CBIZ, Inc.
- Aggregate consideration $2.2B, with $1.1B cash and ~14.3M shares of CBIZ common stock (valued at $76.84/sh).
- Debt financing of $2.0B ($1.4B term loan + $600M revolver) used for cash consideration, costs, and debt repayment.
- Pro forma combined revenue $1.55B (6mo 2024) and $2.70B (FY2023); CBIZ standalone was $914M and $1.59B.
- Pro forma diluted EPS $2.29 (6mo 2024) and $1.36 (FY2023), reflecting interest and amortization from the transaction.
- Transaction adds $1.5B in goodwill and intangibles; net income pro forma $146M (6mo 2024) versus CBIZ standalone $97M.