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.
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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