Willkie is acting as financing legal counsel to Platinum Equity in the transaction.
On October 22, Cision Ltd. (NYSE: CISN), a leading global provider of software and services to public relations and marketing communications professionals, announced that it has entered into a definitive agreement to be acquired by an affiliate of Platinum Equity in an all cash transaction valued at approximately $2.74 billion. Willkie is acting as financing legal counsel to Platinum Equity in the transaction.
Under the terms of the merger agreement, which has been unanimously approved by the members of Cision's board of directors, an affiliate of Platinum Equity will acquire all of the outstanding ordinary shares of Cision Ltd. for $10.00 per share in cash. The purchase price represents a 34% premium over Cision Ltd.'s 60-day volume-weighted average price ended on October 21, 2019. Upon completion of the acquisition, which is expected to occur in Q1 2020, Cision Ltd. will become wholly owned by an affiliate of Platinum Equity. Concurrently with the execution of the merger agreement, Platinum received a commitment from Bank of America and certain of its affiliates for a $1.5 billion term loan and a $150 million revolving credit facility to fund, in part, the acquisition.
With over 4,800 employees in 22 countries, Cision provides media software and services to public relations and marketing communications professionals. Platinum Equity is a global investment firm with more than $19 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. Over the past 25 years Platinum Equity has completed more than 250 acquisitions.
The Willkie team was led by partners Cristopher Greer and David Tarr and associates Jason Pearl and Melissa Doura.