An affiliate of private equity firm Platinum Equity LLC agreed to acquire Cision Ltd. in an all-cash transaction valued at about $2.74 billion.
Under the agreement, Platinum Equity will acquire all the outstanding ordinary shares of Cision for $10 per share in cash. Equity financing will be provided by investment funds managed, advised or sponsored by Platinum Equity. Platinum Equity has secured committed debt financing for the transaction from Bank of America Merrill Lynch.
The Cision board unanimously approved the deal. A special meeting of Cision's shareholders will be held following the filing of a definitive proxy statement with the U.S. Securities and Exchange Commission and subsequent mailing to its shareholders. Cision may solicit alternative acquisition proposals from third parties during a "go-shop" period from the date of the agreement until Nov. 12.
Certain affiliates of private equity firm GTCR LLC collectively holding about 34% of the outstanding shares of Cision, entered into a voting agreement committing them to, among other things, vote in favor of adopting the acquisition agreement.
The proposed transaction is expected to close in the first quarter of 2020 and is subject to approval by Cision's shareholders, along with the satisfaction of customary closing conditions and antitrust regulatory approvals. Upon completion of the acquisition, Cision will be wholly owned by an affiliate of Platinum Equity.
Rothschild & Co. is serving as lead financial adviser to Cision and its board. Centerview Partners LLC and Deutsche Bank Securities Inc. are also acting as financial advisers to Cision. Kirkland & Ellis LLP is acting as legal counsel to Cision, and Gibson Dunn & Crutcher LLP is acting as M&A legal counsel and Willkie Farr & Gallagher LLP is acting as financing legal counsel to Platinum Equity.
Cision is a global provider of software and services to public relations and marketing communications professionals.