Stead's New Firm Merges with Clarivate

Innovation specialist Clarivate Analytics has new investors and shareholders, as it merges with former IHS Markit boss Jerre Stead's recently launched acquisition firm Churchill Capital Corp. The deal values the company at $4.2bn and should complete during Q2.

Clarivate uses insights and analytics-based services and content to help clients quickly develop new ideas, and was acquired from Thomson Reuters in 2016 by funds affiliated with Onex Corporation and Baring Private Equity Asia. With the new deal, Onex, BPEA and the Clarivate management team are retaining 100% of their equity, which converts to 73.8% ownership of the outstanding shares of the combined company. The remaining shares will be held by the current stockholders and founders of Churchill, whose founders have agreed to invest an additional $15m, doubling their existing commitment. Onex will continue to be Clarivate's majority owner.

Following the merger, the combined company will operate as Clarivate and will become publicly listed on the New York Stock Exchange. Churchill CEO and co-founder Stead, who previously served as Chairman and CEO at IHS Markit, will be Executive Chairman of the merged business, while Clarivate's existing management team, led by CEO Jay Nadler and CFO Richard Hanks, will continue to lead the organization.

Commenting on the deal, Nadler said: 'Clarivate accelerates the pace of innovation by supporting the world's innovators - the people and organizations behind a new idea, invention or brand. This is an exciting milestone in Clarivate's evolution that will open a wide range of future growth opportunities for the business and allow us to further invest in the brightest minds, game changing data science, and robust technologies. Jerre is a veteran of the industry and his insights will be invaluable as we enter our next phase of growth'.

Web sites: www.clarivate.com and www.churchillcapitalcorp.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.