Pomona College will become Claremont Graduate University's parent institution, formalizing a “strategic partnership” the two schools began negotiating late last year. The deal, announced Monday, will require state and federal regulatory approval.

Pomona College is close to entering exclusive negotiations to acquire Claremont Graduate University, multiple sources familiar with the matter told the Independent. CGU, which announced in April that it was seeking “a strategic partner or partners,” was courted by a pool of suitors including Arizona State University, Loyola Marymount University, and Northeastern University.