Churchill Capital Corp II entered agreement to acquire Skillsoft and Global Knowledge for $1.533 billion. The valuation was 2x revenues and 8x adjusted EBITDA representing more than a 50% discount to peers. The initial $100 million equity investment was made by Prosus, a tech investment company.
Churchill plans to transform Skillsoft with large cash infusion to support a growth and consolidation strategy. Jeffrey Tarr, former CEO of DigitalGlobe and President & COO of IHS, will serve as company’s CEO. The combined company’s client base will include more than 70% of Fortune 1000 companies and more than 45 million users across content platforms. The
transactions are each expected to close in January 2021.