The Advisory Board Company’s $2.58 Billion Sale of Health Care and Education Businesses

August 29, 2017

Cleary Gottlieb is representing Goldman Sachs & Co. LLC and Allen & Company LLC as financial advisors to The Advisory Board Company in the sale of its health care business to Optum and the sale of its education business to Vista Equity Partners.

Prior to the sale of the  health care business to Optum, affiliates of Vista will acquire The Advisory Board Company’s education business for approximately $1.55 billion. Following the closing of the sale of the education business, The Advisory Board Company’s health care business will merge with Optum for approximately $1.3 billion, including the assumption of The Advisory Board Company’s debt. All of the outstanding shares of common stock of The Advisory Board Company will be converted into the right to receive $52.65 per share in cash plus an additional cash amount per share based on the after-tax value at closing of the Company’s stake in Evolent Health, Inc.

The Advisory Board Company is a best practices firm that uses a combination of research, technology and consulting to improve the performance of approximately 5,700 health care organizations and educational institutions. The Advisory Board Company forges and finds the best new ideas and proven practices from its network of thousands of leaders, then customizes and hardwires them into every level of member organizations, creating enduring value.