WASHINGTON — Arlington, Virginia-based research and business advisory firm CEB, which agreed to be acquired by Gartner Group for $2.6 billion, talked with many other potential buyers, but will ultimately go ahead with the Gartner Group deal.
Under terms of Gartner Group’s offer, CEB had 35 days to solicit other acquisition offers. It says its representatives actively solicited 54 corporate parties and 23 financial sponsors for a total of 77 potential buyers, which resulted in one party negotiating and entering into a confidentially agreement with CEB.
None of the discussions during the “go-shop” period resulted in an alternative acquisition proposal, CEB said in a statement.
The company now expects the Gartner Group acquisition to close in the first half of 2017, pending shareholder approval.
Annual revenue for CEB was about $952 million last year. Gartner Group’s 2016 revenue was $3.3 billion.
Currently headquartered on North Lynn Street in Rosslyn, CEB has 4,300 employees. The merger will create a company with more than 13,000 employees and clients in more than 100 countries.
The company had previously signed on as lead tenant at JBG Co’s new Central Place high rise across from the Rosslyn Metro, a relocation that CEB has said is still on track, despite the Gartner Group acquisition.
