This record is sourced from an Exhibit 99.1 press release furnished with CBIZ's Form 8-K filed July 31, 2024. At announcement, the deal was a signed definitive agreement pending CBIZ stockholder approval, Marcum partner approval, and other customary closing conditions, with closing expected in the fourth quarter of 2024.
Perella Weinberg Partners served as financial advisor to CBIZ, the acquirer, per the release's statement "Perella Weinberg Partners is serving as CBIZ's financial advisor and BakerHostetler is serving as CBIZ's legal advisor for the transaction." Deutsche Bank served as financial advisor to Marcum, the target, per "Deutsche Bank is serving as Marcum's financial advisor and Dechert LLP is serving as Marcum's legal advisor for the transaction." No lead designation is specified for either side since each company retained a single financial advisor.
On the legal side, BakerHostetler represented CBIZ and Dechert LLP represented Marcum.
Under the terms, approximately half of the consideration was expected to be paid in cash and the remainder in shares of CBIZ common stock; CBIZ CEO Jerry Grisko called it "the most significant transaction in CBIZ's history," projecting the combined company would have more than 10,000 team members and over 135,000 clients, and that the deal would be accretive to adjusted earnings per share by approximately 10% in 2025.
Not disclosed in the sourced document is the precise dollar split between cash and stock consideration (only the approximate 50/50 split is given), the financing sources for the cash portion, or whether any regulatory antitrust approval (beyond stockholder and partner approvals) was required to close.