CHICAGO: Platinum Equity has completed its all-cash acquisition of Cision for $2.7 billion, ending the PR technology company’s run as a publicly traded company on the New York Stock Exchange.
Platinum Equity chairman and CEO Tim Gores said in a statement that the private equity firm plans to leverage its global operations capabilities, financial resources and mergers and acquisitions support to "help [Cision] maximize its potential."
Cision CEO Kevin Akeroyd added that his company’s "near-term focus will be on improving customer experience, delivering innovative products and increasing operating efficiencies."
Platinum Equity said in October that it planned to acquire Cision via an affiliate and that it expected to close the deal in Q1. Cision was allowed to solicit acquisition proposals from other companies until November 12, 2019.
Analysts have said that Cision likely agreed to the Platinum Equity acquisition to more aggressively compete with rivals on price and access capital that will allow it to innovate and fuel M&A activity.
Cision, which went public in summer 2017, has driven much of the consolidation across communications technology, acquiring a dozen companies that provided it with capabilities for an all-in-one platform and opened new markets.
Platinum was represented by Gibson, Dunn & Crutcher as legal counsel and Willkie Farr & Gallagher as financial legal counsel. Rothschild & Co. served as lead financial adviser to Cision and its board, supported by Centerview Partners and Deutsche Bank Securities. Kirkland & Ellis was legal counsel to the comms technology company.