Clarivate to buy ProQuest for $5.3bn

ProQuest delivers content and technology solutions to more than 25,000 academic, corporate and research organisations in over 150 countries.

Clarivate said on Monday that the combination "opens a gateway to one of the world's largest information sources serving education, science and intellectual property professionals worldwide".

The deal, which is due to close in the third quarter, is expected to be double-digit accretive to Clarivate earnings in 2022 and mid-teens accretive in 2023. In 2020, ProQuest generated $876m of revenue and $250m of adjusted EBITDA.

Clarivate said it expects to benefit from more than $100m of cost synergies across the organisation within 15 to 18 months after the close of the transaction. It also expects to benefit from around $65m in annual cash tax savings from the transaction structure.

The company’s executive chairman and chief executive officer Jerre Stead said: "Clarivate and ProQuest are highly complementary businesses, each with a rich and storied heritage.

"We share the goal to accelerate innovation through research and knowledge sharing and together we will enable our customers to solve the world's most complex challenges with content dating back centuries, and technologies that address the needs of 21st century customers."