CBIZ Drops on Deal for Marcum Non-Attest Unit: M&A Snapshot (1)

(Adds stock move.)

CBIZ shares slump as much as 14%, the most intraday since March 2020, after the company agreed to buy Marcum’s non-attest business in a move that propels it to the seventh-largest accounting services provider in the US with about $2.8 billion in annual revenue, according to statement.

• CBIZ to pay about half of the $2.3 billion consideration in cash and the remainder in common stock
• Deal expected to close in 4Q
• Marcum’s attest business will be acquired by Mayer Hoffman McCann P.C.
• Perella Weinberg Partners is serving as CBIZ’s financial adviser
• Deutsche Bank is serving as ...