Platinum Equity’s $2.74 Billion Acquisition Of Cision

Kirkland & Ellis advised Cision Ltd. on its definitive agreement to be acquired by an affiliate of Platinum Equity in an all cash transaction valued at approximately $2.74 billion. Latham & Watkins LLP represented Cision in the transaction on antitrust issues. Gibson, Dunn & Crutcher LLP acted as M&A legal counsel and Willkie Farr & Gallagher LLP acted as financing legal counsel to Platinum Equity.

The transaction was financed through a combination of (a) borrowings under a $1,750,000,000 term loan credit facility, with a U.S. dollar tranche in the amount of $1,200,000,000 and a Euro tranche in the amount of €500,000,000 and (b) equity financing provided by affiliates of Platinum. Following the closing of the transaction, an affiliate of Cision and Platinum Equity issued $300,000,000 aggregate principal amount of 9.50% Senior Notes due 2028, of which the proceeds will be used to pay a dividend to Platinum Equity that will recoup a portion of the cash and equity used the finance the transaction.

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 in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries.

Cision Ltd. operates as a public relations software company. The Company offers consumer insights, crisis mitigation, strategic brand management, marketing mix modeling, social media analysis, brand health, and performance solutions. Cision serves banking, pharmaceutical, travel, hospitality, and technology industries worldwide.

Rothschild & Co served as lead financial advisor to Cision and its Board of Directors. Centerview Partners LLC and Deutsche Bank Securities Inc. were also acting as financial advisors to Cision.

The Kirkland team was led by transactional partners Mark Fennell (Picture), Joshua Zachariah and Peter Stach, along with Stephen Ritchie.

Latham & Watkins team was led by San Diego/San Francisco partner Hanno Kaiser and San Francisco associate Kelly Fayne with Brussels counsel Rita Motta.

The Willkie team was led by partners Cristopher Greer, David Tarr, Jennifer Taitand, Joshua Deason, Aymen Mahmoud and associates Jason Pearl and Melissa Doura.

Involved fees earner: Mark Fennell – Kirkland & Ellis; Stephen Ritchie – Kirkland & Ellis; Peter Stach – Kirkland & Ellis; Joshua Zachariah – Kirkland & Ellis; Hanno Kaiser – Latham & Watkins; Rita Motta – Latham & Watkins; Kelly Smith Fayne – Latham & Watkins; Joshua Deason – Willkie Farr & Gallagher; Melissa Doura – Willkie Farr & Gallagher; Cristopher Greer – Willkie Farr & Gallagher; Aymen Mahmoud – Willkie Farr & Gallagher; Jason Pearl – Willkie Farr & Gallagher; Jennifer Tait – Willkie Farr & Gallagher; David Tarr – Willkie Farr & Gallagher;

Law Firms: Kirkland & Ellis; Latham & Watkins; Willkie Farr & Gallagher;

Clients: Cision, Inc. ; Platinum Equity, LLC;

Author: Ambrogio Visconti