Clarivate $2.6 billion ordinary and convertible preferred shares offerings
We advised Clarivate on concurrent SEC-registered offerings of ordinary shares and mandatory convertible preferred shares
Davis Polk advised Clarivate PLC in connection with a $1.15 billion SEC-registered offering of 44,230,768 of its ordinary shares, of which 28,846,154 ordinary shares were issued and sold by Clarivate and 15,384,614 ordinary shares were sold by affiliated shareholders of Onex Corporation and Baring Private Equity Asia and certain other shareholders (which included 5,769,230 ordinary shares that the underwriters purchased pursuant to their option to purchase additional shares) and with a $1.44 billion SEC-registered offering of 14,375,000 mandatory convertible preferred shares (which included 1,875,000 mandatory convertible preferred shares that the underwriters purchased pursuant to their option to purchase additional shares).
Clarivate intends to use the net proceeds from these offerings to fund a portion of the cash consideration for its acquisition of ProQuest.
Clarivate is a global leader in providing solutions to accelerate the lifecycle of innovation.
The Davis Polk corporate team included partner Joseph A. Hall, counsel Dan Gibbons and associates Rahul K. Patel and Stephen H. Karp. The equity derivatives team included partner Mark M. Mendez and associates Joseph Luizzi and Danielle Forni. Partners Po Sit, Michael Mollerus and Jonathan Cooklin provided tax advice. Members of the Davis Polk team are based in the New York and London offices.