Clarivate PLC said Monday it was pushing back the deadline for its planned $5.3 billion buyout of ProQuest because of an in-depth Federal Trade Commission probe and will rework part of the deals financing as a result of the delay.
Direct to Full Text Article (Subscribers Only)
Note: If you don’t have access to Law360.com, details can be accessed in this Clarivate statement dated August 9, 2021:
In relation to Clarivate’s previously announced acquisition (the “Acquisition”) of ProQuest (“ProQuest”), on July 28, 2021, Clarivate received a second request for documents and other information from the Federal Trade Commission (the “FTC”), which is reviewing the Acquisition pursuant to authority under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
In view of the FTC’s second request, on July 28, 2021, Clarivate and the equityholders of ProQuest (collectively, the “Seller Group”) entered into an amendment (the “Amendment”) to their Transaction Agreement dated May 15, 2021, extending the outside date for completion of the Acquisition from November 8, 2021 to December 31, 2021, subject to further extension.
Although the Company hopes to be in a position to complete the proposed Acquisition in the second half of 2021, the Company and the Seller Group each have the option to extend the new outside date to April 29, 2022.
Read the Complete Statement
Note: Law360 report was shared in Politico’s Morning Tech Newsletter.
We will update this post with additional reports if/when they become available.