Clarivate PLC Announces New $500 Million Share Repurchase Authorization

Clarivate Plc (NYSE:CLVT), a leading global provider of transformative intelligence, disclosed on December 16, 2024, that the Company’s Board of Directors has approved a new share repurchase program of up to $500 million. This initiative includes the repurchase of the Company’s outstanding ordinary shares through open-market purchases over a two-year period spanning from January 1, 2025, to December 31, 2026.

Replacing the existing share repurchase program, which concludes on December 31, 2024, this new authorization comes following the Company’s repurchase of $300 million worth of ordinary shares, including $200 million during the third and fourth quarters of 2024. Additionally, Clarivate confirmed prepayments totaling $75 million of term-loan debt in the fourth quarter, bringing the year’s total prepayments to $133 million.

Matti Shem Tov, the Chief Executive Officer of Clarivate, expressed conviction in the Company’s strategic plans by stating, “As we execute against our Value Creation Plan, we expect to deploy capital to the most value-enhancing opportunities.” He highlighted that the new repurchase program aligns with the goal of driving growth and improved financial performance. This move reflects the Board’s confidence in the Company’s potential and strategic direction, as well as its commitment to a balanced approach to capital allocation, which includes returning capital to shareholders through repurchases and deleveraging.

Under the new share repurchase program, Clarivate is not bound to repurchase any set dollar amount or number of shares, and reserves the right to modify, suspend, or terminate the program at any time without prior notice. The Company is authorized to conduct open-market purchases of its ordinary shares at its discretion, taking into account various factors such as the availability of shares, price, market conditions, alternative capital uses, and regulatory requirements.

The forward-looking statements contained in this communication underpin Clarivate’s intentions, beliefs, and expectations regarding future events and results. These statements are subject to various risks and uncertainties, as outlined in the Company’s annual report on Form 10-K. Clarivate does not commit to updating or revising forward-looking statements unless legally required.

For additional information on Clarivate, visit www.clarivate.com. For media inquiries, contact Amy Bourke-Waite, Senior Director, Corporate Communications, at [email protected], and for investor relations, reach out to Mark Donohue, Vice President, Investor Relations, at [email protected] or call 215-243-2202.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Clarivate’s 8K filing here.

Clarivate Company Profile

Clarivate Plc operates as an information services provider in the Americas, the Middle East, Africa, Europe, and the Asia Pacific. It operates through three segments: Academia & Government, Life Sciences & Healthcare, and Intellectual Property. The company offers Web of Science and InCites, that analyzes and explores the academic research landscape and manages research information; ProQuest One and Ebook Central that provides comprehensive content collections to institutions in a cost-effective manner; and Alma and Polaris, that manages academic resources and services, connect users, and support research publications.