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Shares of business consulting firm Navigant (NCI) - Get Navigant Consulting, Inc. Report are up more than 16% Friday after the company announced it is being sold to Guidehouse for $1.1 billion. 

Guidehouse, which is a government consultancy firm under private equity firm Veritas Capital, will pay $28 per share for the business, a 16.4% upside from the stock's previous closing price of $24.04, in cash. 

The deal is still subject to shareholder approval. 

Separately, Navigant also reported its second-quarter results Friday, with the company reporting revenue growth of 21% to $223.1 million on adjusted earnings of 29 cents per share. 

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Analysts were modeling for the company to report revenue of $186.47 million with earnings of 21 cents per share. 

Navigant's stock has had some ups and downs over the last year, but the stock is still up nearly 30% over the past 12 months and was trading at about $24 per share before Friday's announcement after reaching a 12-month low below $19 per share in March. 

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