- Cision, owner of distributor PR Newswire, will end up a public company with an enterprise value of $2.4B through a merger with blank-check firm Capitol Acquisition Corp III (CLACU +2.7%).
- That will provide a capital infusion for Cision, which makes marketing software through its Gorkana unit, to take advantage of recent accelerated growth in the industry.
- Cision is currently controlled by private-equity firm GTCR. Its shareholders will own about 68% of the combined company, with Capitol owning the rest.
- UBM sold its PR Newswire unit to Cision for $841M in December 2015.