LONDON, Dec. 16,
2024 /PRNewswire/ -- Clarivate Plc (NYSE:CLVT) (the
"Company" or "Clarivate"), a leading global provider of
transformative intelligence, today announced that its Board of
Directors (the "Board") authorized a new share repurchase program
of up to $500 million of the
Company's outstanding ordinary shares through open-market purchases
for a period of two years, from January 1,
2025 through December 31,
2026.
The new share repurchase program replaces the current share
repurchase program which terminates December
31, 2024, under which the Company repurchased $300 million of ordinary shares, including
$200 million during the third and
fourth quarters of 2024.
Clarivate also announced that it prepaid $75 million of term-loan debt so far during the
fourth quarter, bringing total prepayments in 2024 to $133 million.
"As we execute against our Value Creation Plan, we expect to
deploy capital to the most value enhancing opportunities," said
Matti Shem Tov, Chief Executive
Officer of Clarivate. "This new repurchase program is in line with
this goal and reflects the Clarivate Board's strong confidence in
the Company's ability to drive growth and enhanced financial
performance. We will continue to maintain a balanced approach to
our capital allocation program that includes returning capital to
shareholders through repurchases and deleveraging."
The new share repurchase program does not obligate Clarivate to
repurchase any set dollar amount or number of shares and may be
modified, suspended, or terminated at any time without prior
notice. Under the new share repurchase program, Clarivate is
authorized to conduct open-market purchases of its ordinary shares
from time to time through any method or program, including through
Rule 10b5-1 trading plans or the use of other techniques as
permitted by its shareholder authorization, approved by the Board
or a designated committee thereof, and subject to availability of
ordinary shares, price, market conditions, alternative uses of
capital, and applicable regulatory requirements, at management's
discretion.
Forward-Looking Statements
This communication includes
statements that express our opinions, expectations, beliefs, plans,
objectives, assumptions, or projections regarding future events or
future results and therefore are, or may be deemed to be,
"forward-looking statements" within the meaning of the "safe harbor
provisions" of the Private Securities Litigation Reform Act of
1995. These forward-looking statements can generally be identified
by the use of forward-looking terminology, including the terms
"believes," "estimates," "anticipates," "expects," "seeks,"
"projects," "intends," "plans," "may," "will," or "should" or, in
each case, their negative or other variations or comparable
terminology. These forward-looking statements include all matters
that are not historical facts, and include statements regarding our
intentions, beliefs, or current expectations concerning, among
other things, anticipated cost savings, results of operations,
financial condition, liquidity, prospects, growth, strategies, and
the markets in which we operate. Such forward-looking statements
are based on available current market material and management's
expectations, beliefs, and forecasts concerning future events
impacting us. There can be no assurance that future developments
affecting us will be those that we have anticipated. These
forward-looking statements involve a number of risks and
uncertainties (some of which are beyond our control) or other
assumptions that may cause actual results or performance to be
materially different from those expressed or implied by these
forward-looking statements. These risks and uncertainties include,
but are not limited to, those factors described in Item 1A. Risk
Factors of our annual report on Form 10-K. Should one or more of
these risks or uncertainties materialize, or should any of the
assumptions prove incorrect, actual results may vary in material
respects from those projected in these forward-looking statements.
We do not undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws. Please consult our public filings with
the SEC or on our website at www.clarivate.com.
About Clarivate
Clarivate™ is a leading global
provider of transformative intelligence. We offer enriched data,
insights & analytics, workflow solutions and expert services in
the areas of Academia & Government, Intellectual Property and
Life Sciences & Healthcare. For more information, please
visit www.clarivate.com.
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