Bermuda resident Michael DeGroote has entered into a transaction to sell almost $50 million worth of stock in CBIZ Inc. to Westbury (Bermuda) Ltd.

The Canadian billionaire will sell about 7.7 million shares of CBIZ stock, at a price of $6.25 per share, for approximately $48.1 million.

Mr. DeGroote said: "Over the 14 years that I have been a major shareholder of CBIZ, I have watched with pride the continued growth and many accomplishments attained by the company and I am pleased to have been part of the formation of what has become a strong well-positioned professional services company today.

"However, at age 77, I am looking to realign assets and this transaction will assist me to accomplish this."

Steven Gerard, CBIZ chairman and CEO, said: "We are pleased with our unique national position in the professional services marketplace and the underlying health of our business which enabled us to accommodate this transaction with Mr. DeGroote."

CBIZ also agreed to purchase an option expiring on September 30, 2013 to buy up to approximately 7.7 million shares of the company held by Westbury at a price of $7.25 per share.

Prior to the sale, Westbury's holdings of approximately 15.4 million shares represented approximately 25 percent of the total shares outstanding of CBIZ. The transaction was expected to close last Wednesday.