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The US accounting agency Marcum, which audits extra US-listed firms than any agency outdoors the Large 4, has agreed a takeover by CBiz, America’s solely publicly traded accountancy, in a brand new twist on the consolidation wave sweeping the career.
CBiz stated on Wednesday it could pay $2.3bn for Marcum, about half in money and half in inventory, and the mixed group would turn into the seventh-largest US accounting agency with revenues of $2.8bn yearly.
Marcum audits greater than 400 US public firms, in response to Ideagen Audit Analytics, giving it a market share of 6 per cent. That features scores of particular objective acquisition firms, a spotlight of the agency, which contributed vital revenues by way of the Spac growth of the previous 4 years but additionally introduced controversy. Regulators final 12 months fined Marcum $13mn for high quality failures associated to its Spac work.
It is a growing story