Latham & Watkins advised CPA Global, a portfolio company of Leonard Green & Partners and leader in intellectual property software and tech-enabled services, on its definitive agreement to combine with Clarivate Plc, a leader in providing trusted information and insights to accelerate the pace of innovation.
In the all-stock transaction, CPA Global shareholders will receive approximately 218 million Clarivate ordinary shares, representing approximately 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 US$6.8 billion. The transaction, which is subject to customary closing conditions, including regulatory approvals, is expected to close during the fourth quarter of 2020.
Latham previously advised on Leonard Green’s initial acquisition of CPA Global in summer 2017, and the 2019 merger between CPA Global and the ipan/Delegate group.
The Latham deal team is led by New York corporate partners Howard Sobel, John Giouroukakis, and Eyal Orgad, and London corporate partners David Walker and Linzi Thomas, with New York associates Thomas Engelhardt and Adam Rosenthal, and London associates Antonina Semyachkova, Faris Shoubber, and Jennifer Cadet.
Advice is also being provided on tax matters by Chicago partner Joseph Kronsnoble, Washington, D.C. partner Nicholas DeNovio, and London partner Sean Finn, with Chicago associate Michael Zucker; on SEC matters by New York partner Gregory Rodgers and Washington, D.C. partner Alexander Cohen, with Washington, D.C. associate William Hackett and New York associate Will Clark; on intellectual property matters by London partner Deborah Kirk; on benefits and compensation matters by Washington, D.C. partner Matthew Conway and London partner Sarah Gadd, with New York associate Max Raskin; on finance matters by New York partner Joshua Tinkelman, with New York associate Jake Burne; and on antitrust matters by San Diego partner Hanno Kaiser, London partner John Colahan and Brussels partner Hector Armengod.