Onex Corp and Baring Private Equity Asia have launched a secondary offering of Clarivate, a Philadelphia-based provider of subscription and technology-based solutions. The offering price is US$22.50 per share, which is expected to generate about US$765 million in proceeds. Onex and BPEA listed Clarivate last year.
TORONTO and HONG KONG, June 04, 2020 (GLOBE NEWSWIRE) — Onex Corporation (“Onex”) (TSX: ONEX), Baring Private Equity Asia (“BPEA”), their affiliated funds and certain other shareholders (together the “Group”), today announced the sale of 34.0 million ordinary shares of Clarivate plc (“Clarivate”) (NYSE: CCC) at an offering price of $22.50 per share. The total underwritten offering is 48.0 million, of which 14.0 million ordinary shares are being offered by Clarivate. The underwriters were granted a 30‑day option to purchase up to 7.2 million additional ordinary shares from the Group. Clarivate is a global leader in providing trusted insights and analytics to accelerate the pace of innovation.
At the offering price and before the underwriters’ option, gross proceeds to the Group will be approximately $765 million, of which Onex’ share will be approximately $166 million as a Limited Partner in Onex Partners IV and as a co-investor. Onex, BPEA and their affiliated funds will continue to hold approximately 101.0 million ordinary shares of Clarivate, making them the largest shareholder group with an interest of 26%. Onex will continue to hold approximately 27.5 million ordinary shares for a 7% interest.
The offering is expected to close on June 8, 2020, subject to customary closing conditions.
A registration statement on Form S-1 (including a prospectus) was filed with the Securities and Exchange Commission (“SEC”) on June 1, 2020 and has become effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Founded in 1984, Onex invests and manages capital on behalf of its shareholders, institutional investors and high net worth clients from around the world. Onex’ platforms include: Onex Partners, private equity funds focused on larger opportunities in North America and Europe; ONCAP, private equity funds focused on middle market and smaller opportunities in North America; Onex Credit, which manages primarily non-investment grade debt through collateralized loan obligations, private debt and other credit strategies; and Gluskin Sheff’s actively managed public equity and public credit funds. In total, Onex has approximately $32.9 billion of assets under management, of which approximately $6.0 billion is its own shareholder capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.
The Onex Partners and ONCAP businesses have assets of $45 billion, generate annual revenues of $27 billion and employ approximately 170,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.
About Baring Private Equity Asia (BPEA)
Baring Private Equity Asia (BPEA) is one of the largest and most established private alternative investment firms in Asia, with total committed capital of over $21 billion. The firm runs a private equity investment program, sponsoring buyouts and providing growth capital to companies for expansion or acquisitions with a particular focus on the Asia Pacific region, as well as investing in companies globally that can benefit from further expansion into the Asia Pacific region. BPEA also manages dedicated funds focused on private real estate and private credit. The firm has a 23-year history and 190 employees located across offices in Hong Kong, China, India, Japan, Singapore and Australia. BPEA currently has over 41 portfolio companies active across Asia with a total of 246,000 employees and revenues of approximately $41 billion. For more information, please visit www.bpeasia.com.