SPAC Churchill Capital to merge with Skillsoft in $1.3 billion deal

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Churchill Capital Corp. , a special purpose acquisition vehicle, or SPAC, said Tuesday it has agreed to merge with Software Luxembourg Holding S.A., or Skillsoft, a digital learning and talent management software company, in a deal with a transaction value of about $1.3 billion. The combined entity will then acquire Global Knowledge Training LLC, an IT and professional skills company, for $233 million. The new entity will be called Skillsoft and trade on the New York Stock Exchange. “Together with Global Knowledge, Skillsoft will be even better positioned to support its customers around the world as they adapt at an unprecedented pace in response to the global pandemic, growing skills gap and evolving workplace needs,” the companies said in a statement. The two deals are expected to close in January. A SPAC, or blank-check company, is one that has no business until it acquires one or more. They have become a popular way to go public during the pandemic, and set a record in the third quarter when they raised $28 billion in 75 deals, more than triple the previous quarterly record. Churchill shares rose 0.8% premarket.
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