Churchill Capital Corp II’s $1.5 Billion Acquisition of Skillsoft and Global Knowledge

Paul, Weiss advised Churchill Capital Corp II, while Cravath advised Prosus in the transaction. Sullivan & Cromwell LLP advised Global Knowledge.

Churchill Capital Corp II entered into a definitive agreement to merge with Skillsoft in a transaction valued at approximately $1.3 billion and, following the closing of the merger, the combined company will acquire Global Knowledge for approximately $233 million, from funds affiliated with Rhône Capital. The $1.5 billion combination of Skillsoft and Global Knowledge will create the world’s leading digital learning company.

Churchill II will contribute up to $697 million of cash raised during its IPO in June 2019. In addition, Churchill II expects more than $170 million in common equity through PIPE commitments. Upon the close of the transaction, Churchill II’s shareholders are expected to own approximately 65% of the combined company. Skillsoft shareholders and PIPE investors will own approximately 22% and 13%, respectively. The transactions are each expected to close in January 2021, subject to regulatory approvals and customary closing conditions.

Prosus, which seeks to build global technology leaders by addressing societal needs in high-growth markets, has committed to invest $100 million into Churchill II, with the option to expand further.

Churchill Capital Corp II is a special purpose acquisition company and is one of the public company vehicles in the Churchill Capital group of companies.

Software Luxembourg Holding S.A. (Skillsoft) is a global leader in digital learning and talent management solutions.

Global Knowledge Training LLC is a worldwide leader in IT and professional skills development.

The Paul, Weiss team advising Churchill II included corporate partners Ross Fieldston (Picture), Kenneth Schneider, Raphael Russo and Charles Pesant and counsel Suhan Shim, Chaim Theil and Jason Tyler; restructuring partners Jeffrey Saferstein and Paul Basta; tax partner Robert Holo; intellectual property partner Charles Googe; litigation partners Aidan Synnott and Liza Velazquez and counsel Steven Herzog, Peter Jaffe and Rachel Fiorill; employee benefits partner Andrew Gaines; real estate partner Peter Fisch; antitrust counsel Yuni Sobel and Marta Kelly; and international trade counsel Richard Elliott.

The Cravath team was led by partners David Mercado, Keith Hallam and Nicholas A. Dorsey and includes associates Jin-Kyu Baek, Said Bakir and Michael D. Weil on corporate matters; partner George E. Zobitz and associates Christina S. Shin and Harold C. King on restructuring matters; partner Lauren Angelilli and associate Andrew T. Davis on tax matters; partner David J. Kappos and associate Rohan E. George on intellectual property matters; partner Jennifer S. Conway and associate Christopher C. Gonnella on executive compensation and benefits matters; and senior attorney Jesse M. Weiss and associate Benjamin G. Joseloff on regulatory matters.

The S&C team representing Global Knowledge included Richard Pollack and Luke Carsley advising on corporate and M&A matters; Jim Bromley and Neal McKnight advising on financing and restructuring matters; Juan Rodriguez, Joseph Matelis, and Eric Queen advising on antitrust matters; Eric Wang and Michael Orchowski advising on tax matters; Rebecca Coccaro advising on executive compensation and benefit matters; and Mehdi Ansari advising on intellectual property matters.

Involved fees earner: Lauren Angelilli – Cravath Swaine & Moore; Jin?Kyu Baek – Cravath Swaine & Moore; Said Bakir – Cravath Swaine & Moore; Jennifer Conway – Cravath Swaine & Moore; Andrew Davis – Cravath Swaine & Moore; Nicholas Dorsey – Cravath Swaine & Moore; Rohan George – Cravath Swaine & Moore; Christopher Gonnella – Cravath Swaine & Moore; Keith Hallam – Cravath Swaine & Moore; Benjamin Joseloff – Cravath Swaine & Moore; David Kappos – Cravath Swaine & Moore; Harold King – Cravath Swaine & Moore; David Mercado – Cravath Swaine & Moore; Christina Shin – Cravath Swaine & Moore; Michael Weil – Cravath Swaine & Moore; Jesse Weiss – Cravath Swaine & Moore; George Zobitz – Cravath Swaine & Moore; Paul Basta – Paul Weiss Rifkind Wharton & Garrison; Richard Elliott – Paul Weiss Rifkind Wharton & Garrison; Ross Fieldston – Paul Weiss Rifkind Wharton & Garrison; Rachel Fiorill – Paul Weiss Rifkind Wharton & Garrison; Peter Fisch – Paul Weiss Rifkind Wharton & Garrison; Andrew Gaines – Paul Weiss Rifkind Wharton & Garrison; Charles Googe – Paul Weiss Rifkind Wharton & Garrison; Steven Herzog – Paul Weiss Rifkind Wharton & Garrison; Peter Jaffe – Paul Weiss Rifkind Wharton & Garrison; Marta Kelly – Paul Weiss Rifkind Wharton & Garrison; Charles Pesant – Paul Weiss Rifkind Wharton & Garrison; Raphael Russo – Paul Weiss Rifkind Wharton & Garrison; Jeffrey Saferstein – Paul Weiss Rifkind Wharton & Garrison; Kenneth Schneider – Paul Weiss Rifkind Wharton & Garrison; Suhan Shim – Paul Weiss Rifkind Wharton & Garrison; Yuni Sobel – Paul Weiss Rifkind Wharton & Garrison; Aidan Synnott – Paul Weiss Rifkind Wharton & Garrison; Chaim Theil – Paul Weiss Rifkind Wharton & Garrison; Jason Tyler – Paul Weiss Rifkind Wharton & Garrison; Liza Velazquez – Paul Weiss Rifkind Wharton & Garrison; Robert Holo – Simpson Thacher & Bartlett; Mehdi Ansari – Sullivan & Cromwell; James Bromley – Sullivan & Cromwell; Lucas Carsley – Sullivan & Cromwell; Joseph Matelis – Sullivan & Cromwell; Neal McKnight – Sullivan & Cromwell; Michael Orchowski – Sullivan & Cromwell; Richard Pollack – Sullivan & Cromwell; Eric Queen – Sullivan & Cromwell; Juan Rodriguez – Sullivan & Cromwell; Eric Wang – Sullivan & Cromwell;

Law Firms: Cravath Swaine & Moore; Paul Weiss Rifkind Wharton & Garrison; Simpson Thacher & Bartlett; Sullivan & Cromwell;

Clients: Churchill Capital Corp II; Global Knowledge Training LLC; Prosus Ventures;

Author: Ambrogio Visconti