- Churchill Capital (CCC +4.3%), a public investment vehicle, agrees to merge with Clarivate Analytics, a provider of insights and analytics
- The combined entity will operate as Clarivate, and list on NYSE
- The transaction implies an initial enterprise value of ~$4.2B, with with a multiple of ~12.5x Clarivate's estimated FY19 standalone adjusted EBITDA.
- Churchill CEO Jerre Stead will serve as the Executive Chairman of the combined company, and Clarivate's current management team including CEO Jay Nadler and CFO Richard Hanks, will continue to lead the business.
- Onex, BPEA and Clarivate management will retain 100% of their equity, which converts to 73.8% ownership of the combined company; Onex will continue to be the majority owner.