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Gartner to sell CEB Talent Assessment biz for $400M

Gartner Inc. has agreed to sell CEB Talent Assessment to Exponent Private Equity LLP, a U.K.-based private equity firm, for $400 million.

The agreement comes at the end of a previously announced process to evaluate strategic alternatives for CEB Talent Assessment, formerly SHL, which was acquired by Gartner as part of the CEB acquisition in 2017. The deal values the business at approximately 10.5x trailing 12-month EBITDA through Dec. 31, 2017, the company said.

The purchase price is subject to adjustments for, among other things, the working capital of the business. Gartner plans to use the majority of the proceeds to repay debt, and remains committed to reaching its leverage targets in-line with its existing plan.

Gartner said the divestiture would have a negative impact of 17 cents per share on its 2018 adjusted EPS on a full-year basis.

The transaction is expected to close in the first half of 2018 and is subject to closing conditions.