Clarivate completes $600M LS&H sale to Altaris; pro forma FY25 revenue falls to $2.07B

CLARIVATE PLC

$600M aggregate price: ~$488.4M cash at close net of costs and working capital adjustment, $75M unsecured senior note, $25M deferred cash due by Jan 31, 2028.
Pro forma H1 2026 revenue $990.8M vs $1,172.8M historical; pro forma operating income $41.4M vs $(170.0)M loss; diluted EPS $(0.12) vs $(0.48).
Pro forma FY2025 revenue $2,065.4M (LS&H removed $389.8M); FY2024 $2,137.8M; FY2023 $2,186.0M. LS&H booked as discontinued operations in Q3 2026.
Proceeds plus $11.6M company cash fund partial redemptions of Senior Secured Notes due 2028 and Senior Notes due 2029; Sept 2026 tender for $75M of 2028 notes.
Pro forma long-term debt falls to $3.63B from $4.21B; TSA with Altaris covers IT/finance support for 1-12 months; ~$20M transaction costs; sale gain not material.

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