Clarivate Analytics Plc (NYSE: CCC) today announced the pricing of its underwritten offering of 24 million ordinary shares at $20.25 per share. The number of ordinary shares offered was increased by 4 million from the previously announced 20 million. The Company has granted the underwriters an option to purchase up to 3.6 million additional ordinary shares. The offering is expected to close on February 10, 2020, subject to customary closing conditions.
The Company intends to use the net proceeds of the offering to fund a portion of the $900 million cash consideration for the previously announced acquisition of Decision Resources Group (the "DRG Acquisition") and to pay related fees and expenses. The offering is not conditioned on the consummation of the DRG Acquisition. If the DRG Acquisition is not consummated for any reason, the Company intends to use the net proceeds of the offering to repay outstanding indebtedness.
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, RBC Capital Markets, LLC, BofA Securities and Barclays Capital Inc. are acting as joint book-running managers for the offering.