Benzinga | Jul 29, 2020 06:16AM EDT

Clarivate To Combine With CPA Global; CPA Shareholders To Receive ~218M Ordinary Shares, Representing 35% Pro Forma Fully Diluted Ownership Of Clarivate

LONDON, July 29, 2020 /PRNewswire/ --Clarivate Plc (NYSE:CCC), a global leader in providing trusted information and insights to accelerate the pace of innovation, today announced that it has signed a definitive agreement to combine with CPA Global, a global leader in intellectual property ("IP") software and tech-enabled services. In the all-stock transaction, CPA Global shareholders will receive approximately 218 million Clarivate ordinary shares, representing 35% pro forma fully diluted ownership of Clarivate. Based on the 30-day volume weighted average share price of Clarivate, the implied enterprise value is approximately $6.8 billion, which includes approximately $900 million of the present value of tax assets. The transaction, which is subject to customary closing conditions, including regulatory approvals, is expected to close fourth quarter of 2020.