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BRIEF-Churchill Capital And Clarivate Analytics Announce Merger Agreement

Published 2019-01-14, 09:22 a/m
Updated 2019-01-14, 09:30 a/m
© Reuters.  BRIEF-Churchill Capital And Clarivate Analytics Announce Merger Agreement

Jan 14 (Reuters) - Churchill Capital Corp CCC_u.N :

* CHURCHILL CAPITAL CORP AND CLARIVATE ANALYTICS ANNOUNCE MERGER AGREEMENT

* CHURCHILL CAPITAL CORP - CLARIVATE'S EXISTING MANAGEMENT TEAM, LED BY CEO JAY NADLER AND CFO RICHARD HANKS, WILL CONTINUE TO LEAD BUSINESS.

* CHURCHILL CAPITAL - IN CONNECTION WITH TRANSACTION, CHURCHILL FOUNDERS AGREED TO INVEST AN ADDITIONAL $15 MILLION, DOUBLING THEIR INVESTMENT IN CHURCHILL

* CHURCHILL CAPITAL - FOUNDERS DELAYED MAJORITY OF EQUITY TO VEST ONLY IF SHARE PRICE OF CO EXCEEDS $15.25/SHARE BY 2022, $17.50/SHARE BY 2024

* CHURCHILL CAPITAL - MAJORITY OF NET CASH PROCEEDS FROM TRANSACTION ARE EXPECTED TO BE USED TO PAY DOWN EXISTING CLARIVATE DEBT

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