On November 1, 2024, CBIZ, Inc. filed an 8-K form with the Securities and Exchange Commission, announcing the completion of a significant transaction. CBIZ, a company based in Delaware and traded on the New York Stock Exchange under the symbol CBZ, finalized the Agreement and Plan of Merger with Marcum LLP, a New York registered limited liability partnership. The merger involved Marcum Advisory Group LLC, PMMS LLC, and Marcum Partners SPV LLC as well.
This completion marks the merger between Merger Sub and MAG, with MAG now operating as a wholly-owned subsidiary of CBIZ following the Transaction. Before the merger, Marcum transferred most of its non-attest business assets to MAG except certain exclusions, with CBIZ CPAs, previously known as Mayer Hoffman McCann P.C., acquiring most of Marcum’s attest business assets in a separate deal.
Moreover, the New Credit Facilities were amended and restated to provide $2.0 billion in senior secured credit facilities, with a Term Loan and Revolving Credit Facility included. The financing agreements grant flexibility for increasing commitments based on certain financial metrics and provide interest rate options based on market rates.
CBIZ anticipates electing an interest rate option using Base Rate or Term SOFR, plus applicable spreads. The New Credit Facilities also include financial covenants and collateral arrangements, ensuring security for the financial institutions involved.
The company also announced the offering and sale of equity securities in compliance with the exemption under Section 4(a)(2) of the Securities Act of 1933. Furthermore, on the same day, CBIZ released a press statement officially disclosing the completion of the Transaction.
Detailed financial statements of Marcum were provided in the SEC filing, outlining audited and unaudited financial information up to June 30, 2024. The filing informed stakeholders about key aspects of the merger agreement and the financial implications for CBIZ post-merger.
This 8-K filing signifies a significant milestone for CBIZ, enhancing its market presence and strategic positioning within the financial sector.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CBIZ’s 8K filing here.
CBIZ Company Profile
CBIZ, Inc provides financial, insurance, and advisory services in the United States and Canada. It operates through Financial Services, Benefits and Insurance Services, and National Practices segments. The Financial Services segment offers accounting and tax, financial advisory, valuation, risk and advisory, and government healthcare consulting services.
