Clarivate Report Proquest Financials: Raise $1Billion in Equity

On May 17, Clarivate announce a proposed deal to acquire Ann Arbor based Proquest.  (See here).  In the last few days, Clarivate has reported more details including 2020 full year financials for Proquest.

Here is a summary:

• Assets of $1.3B with $629mm in goodwill
• $1B in long term debt
  
• Revenues of $862mm
• Operating Income of $84mm
• Net Income of $3.4mm (Includes unrealized loss of $31mm)
• Cash provided by operations $199mm
• Net cash expended on acquisitions of $225mm
• During 2020, the Company distributed $168.3mm to ProQuest Holdings, primarily related to distributions to shareholders
  

Management fees of $7mm were fairly modest.

More to be found here.

In addition, Clarivate also reported details on a $1B equity raise which some portion of which will go to fund the acquisition of Proquest.