Gartner, Inc. (NYSE: IT), the world’s leading information technology research and advisory company, today announced it has signed an agreement to sell its Vision Events portfolio to CMP, a media and marketing solutions company serving the technology industry and a subsidiary of United Business Media (UBM.L). The transaction is expected to be completed within the next two weeks.
Gene Hall, Gartner's chief executive officer, said, "The sale of Vision Events is consistent with our strategy to focus on content driven event formats where we have a greater competitive advantage."
A transition team has been formed that contains senior Gartner and CMP managers. This team will implement a comprehensive plan to ensure the seamless transition of Vision Events and its 2008 events portfolio to CMP.
Beginning in first quarter 2008, Gartner expects to account for Vision Events as a discontinued operation. In 2007, the business generated revenue of approximately $21 million, Normalized EBITDA of approximately $4 million and earnings per share of approximately $0.02. Excluding Vision Events, Gartner’s global events business delivered 62 events and generated revenues of $160 million in 2007.
The Jordan, Edmiston Group, Inc. (www.jegi.com) of New York, the leading provider of independent investment banking services for the media and information industries, represented Gartner in this transaction and acted as its exclusive financial advisor.
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