Clarivate to acquire ProQuest, a leading global provider of Mission Critical Information and Data-driven Solutions for Science and Research
Summary
New Delhi [India], May 21 (ANI/NewsVoir): Clarivate plc (NYSE: CLVT), a global leader in providing trusted information and insights to accelerate the pace of innovation, today announced a definitive agreement to acquire ProQuest, a leading global software, data and analytics provider to academic, research and national institutions, from Cambridge Information Group, a family-owned investment firm, and other partners including Atairos, for $5.3 billion, including refinancing of ProQuest debt. Clarivate also expects to benefit from approximately $65 million in annual cash tax savings from the transaction structure. Enhanced free cash flow generation: The acquisition is expected to generate strong cash flow that will enable Clarivate to reduce its debt, continue investing in product development and pursue additional business development opportunities. With this acquisition we will be able to further empower both present and future generations of academic and corporate researchers as they each pursue their journey of innovation." Financing In connection with the transaction, Clarivate has secured a backstop consisting of a $4 billion fully committed bridge facility from Citi and Goldman Sachs & Co. LLC.