Clarivate Analytics’ $950 Million Acquisition of Decision Resources Group

Davis Polk advised Clarivate Analytics plc in connection with a $950 million fully committed bridge facility from Citibank, N.A. and Goldman Sachs Bank USA and their affiliates. Covington & Burling LLP served as legal advisor to Piramal Enterprises Limited. Fried Frank acted as counsel to Citi and Goldman Sachs, as lead arrangers. Ropes & Gray advised Evercore in connection with its role as financial advisor to Clarivate Analytics.

Clarivate Analytics (NYSE: CCC; CCC.WS) executed the $950 million acquisition of Decision Resources Group from Piramal Enterprises Limited.

The $950 million purchase price includes $900 million in cash and approximately $50 million in Clarivate ordinary shares to be issued following the one-year anniversary of closing.

The transactions are expected to close within the first quarter of 2020, subject to the satisfaction of customary closing conditions and regulatory approvals, including approval by Piramal Enterprises Limited’s shareholders.

Clarivate Analytics is a global leader in providing trusted insights and analytics to accelerate the pace of innovation. Clarivate has built some of the most trusted brands across the innovation lifecycle.

DRG is a premier provider of high-value data, analytics and insights products and services to the healthcare industry.

Piramal Enterprises Limited is one of India’s largest diversified companies, with a presence in financial services, pharmaceuticals and healthcare insights and analytics.

Evercore served as lead financial advisor to Clarivate.

The Davis Polk corporate team included partner Daniel Brass (Picture) and associate W. Soren Kreider IV. The finance team included partner Sartaj Gill and associate Jack Orford. Partner Joseph A. Hall and associate Dan Gibbons provided capital markets advice. The tax team included partner Michael Mollerus. Frank J. Azzopardi provided intellectual property and technology advice. Partner Jesse Solomon provided antitrust and competition advice. Partner Kyoko Takahashi Lin provided executive compensation advice.

The Covington deal team included Ralph Voltmer, Scott Naturman, and Johanna Bachmair(corporate), Ansgar Simon and Jon Endean (tax), Mike Francese and Brady McDaniel(employee benefits), Winslow Taub and Kathleen Gallagher-Duff (intellectual property), Kurt Wimmer and Anna Kraus (privacy/HIPAA), Jim O’Connell, Miranda Cole, and Habin Chung(antitrust), Heather Haberl and Zachary Schutz (real estate), Don Ridings and Marta Cook(anti-corruption), Kim Strosnider (sanctions), Mike Nonaka (anti-money laundering), Mark Plotkin and Ruchi Gill (CFIUS), Jack Bodner (securities), and Gregor Frizzell (UK corporate).

The Fried Frank team was led by corporate partners Daniel J. Bursky, Meredith L. Mackey, and Ezra Schneck, and included tax partner Joseph E. Fox; corporate associates Matthew R. Friedman, Matthew E. Sadofsky, and Benjamin Whitman; and tax associate Ryan L. Conley.

The Ropes & Gray team that advised Evercore was led by mergers & acquisitions partner Paul Scrivano (San Francisco/New York), and private equity partner John Sorkin (New York), and included mergers & acquisitions associate Sarah Young (New York).

Involved fees earner: Jack Bodner – Covington & Burling; Habin Chung – Covington & Burling; Miranda Cole – Covington & Burling; Marta Cook – Covington & Burling; Jon Endean – Covington & Burling; Michael Francese – Covington & Burling; Gregor Frizzell – Covington & Burling; Kathleen Gallagher-Duff – Covington & Burling; Ruchi Gill – Covington & Burling; Heather Haberl – Covington & Burling; Anna Kraus – Covington & Burling; Brady McDaniel – Covington & Burling; Scott Naturman – Covington & Burling; Michael Nonaka – Covington & Burling; James O’Connell – Covington & Burling; Mark Plotkin – Covington & Burling; Donald Ridings Jr. – Covington & Burling; Zachary Schutz – Covington & Burling; Ansgar Simon – Covington & Burling; Kimberly Strosnider – Covington & Burling; Winslow Taub – Covington & Burling; Ralph Voltmer – Covington & Burling; Kurt Wimmer – Covington & Burling; Frank Azzopardi – Davis Polk & Wardwell; Johanna Bachmair – Davis Polk & Wardwell; Daniel Brass – Davis Polk & Wardwell; Dan Gibbons – Davis Polk & Wardwell; Sartaj Gill – Davis Polk & Wardwell; Joseph Hall – Davis Polk & Wardwell; Soren Kreider – Davis Polk & Wardwell; Michael Mollerus – Davis Polk & Wardwell; Jack Orford – Davis Polk & Wardwell; Jesse Solomon – Davis Polk & Wardwell; Kyoko Takahashi Lin – Davis Polk & Wardwell; Daniel Bursky – Fried Frank Harris Shriver & Jacobson; Ryan Conley – Fried Frank Harris Shriver & Jacobson; Joseph Fox – Fried Frank Harris Shriver & Jacobson; Matthew Friedman – Fried Frank Harris Shriver & Jacobson; Meredith Mackey – Fried Frank Harris Shriver & Jacobson; Matthew Sadofsky – Fried Frank Harris Shriver & Jacobson; Ezra Schneck – Fried Frank Harris Shriver & Jacobson; Benjamin Whitman – Fried Frank Harris Shriver & Jacobson; Paul Scrivano – Ropes & Gray; John Sorkin – Ropes & Gray; Sarah Young – Ropes & Gray;

Law Firms: Covington & Burling; Davis Polk & Wardwell; Fried Frank Harris Shriver & Jacobson; Ropes & Gray;

Clients: Citibank; Clarivate Analytics; Evercore Inc.; Goldman Sachs; Piramal Enterprises Ltd;