The purchase of US information and technology company ProQuest by scientific and academic analytics firm Clarivate for $5.3bn (£3.8bn) has been delayed.
The deal, which sees ProQuest acquired from investment firm Cambridge Information Group and other partners, was expected to close in the third quarter of 2021, pending regulatory approval. However, in an announcement tied to an exchange offering for a series of notes, Clarivate said the closing date for its acquisition of ProQuest has been extended.
It said it had received a second request for documents and other information from the Federal Trade Commission, which is reviewing the purchase to ensure it doesn’t raise antitrust issues. Clarivate said it reached an agreement with ProQuest to extend the deadline for completing the sale from 8th November 2021 to 31st December 2021.
Clarivate added that, though it "hopes to be in a position" to close the deal in the second half of 2021, it has agreed with ProQuest to provide an option to further extend the closing date to 29th April 2022.
In a release announcing the purchase in May, London-based Clarivate said the acquisition would establish it as “a premier provider of end-to-end research intelligence solutions” and significantly expand its content and data offerings.
“By bringing together these two customer-focused businesses with a purpose to accelerate innovation at their core, we will create a world-leading software and information provider for research-focused organisations to fuel scientific discovery and innovation into the future,” the company said.