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8 months ago
BRIEF-Gartner to acquire CEB for $2.6 bln in cash and stock
January 5, 2017 / 12:13 PM / 8 months ago

BRIEF-Gartner to acquire CEB for $2.6 bln in cash and stock

Jan 5 (Reuters) - Gartner Inc

* Gartner to acquire CEB for $2.6 billion in cash and stock

* Gartner Inc - deal immediately accretive to Gartner's adjusted EPS and double-digit percentage accretive to adjusted EPS in 2018

* Gartner Inc - transaction has a total enterprise value of approximately $3.3 billion

* Transaction has been unanimously approved by boards of directors of both companies

* Gartner Inc - CEB shareholders will receive $54.00 in cash and 0.2284 shares of Gartner common stock for each share of CEB common stock they own

* Gartner Inc - transaction will be funded through a combination of Gartner cash, capacity under its existing credit facility and new additional debt financing

* Gartner Inc - upon completion of transaction, Gartner is expected to have net debt of approximately $3 billion.

* Expects to realize annualized cost synergies of approximately $25 million - $50 million starting in 2018

* Gartner - intends to fund deal through fully committed debt financing to be provided by JPMorgan Chase Bank, N.A. and Goldman Sachs Bank USA.

* Gartner Inc - total consideration is for $77.25 per share

* Gartner Inc - Gartner shareholders will own approximately 91% of combined company and ceb shareholders will own approximately 9% Source text for Eikon: Further company coverage:

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