WASHINGTON — Arlington, Virginia-based CEB Inc., the research and business advisory firm formerly known as Corporate Executive Board, will be acquired by Gartner Group in a deal worth $2.6 billion.
Stanford, Connecticut-based Gartner, a major information technology research firm, will pay $54 a share in cash and 0.2284 shares of Gartner stock for every CEB share.
It is a big premium for CEB’s per share price, sending CEB stock up more than 20 percent in Thursday trading.
Gartner had $3.3 billion in revenue in 2016. CEB’s annual revenue was about $952 million last year.
CEB, whose headquarters is on N. Lynn Street in Rosslyn, has about 4,300 employees. The merger will create a company with more than 13,000 employees and clients in more than 100 countries.
CEB has about 1,300 employees at its Rosslyn headquarters, and has signed on as the lead tenant at JBG Co’s. new Central Place high rise directly across from the Rosslyn Metro.
“We are still tracking to our timeline to move into the new building as planned,” A CEB spokesperson tells WTOP.
The companies did not announce any executive leadership plans for the newly merged company, indicating those announcements will come later.
The acquisition still needs approval of CEB shareholders as well as regulators. CEB also has the right so solicit a better offer within the next 35 days.
The two companies expect it to close in the first half of 2017.