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Churchill Capital Corp II ("Churchill II" or "Company") (NYSE:CCX), a public equity acquisition vehicle, today announced the following updates related to its pending acquisition of Software Luxembourg Holding S.A. ("Skillsoft"), a global leader in digital learning and talent management solutions, and Global Knowledge Training LLC ("Global Knowledge"), a worldwide leader in IT and professional skills development:
Update on CFIUS Approval and Consummation of Business Combination
On May 3, 2021, Prosus N.V. ("Prosus"), a global consumer internet group and one of the largest technology investors in the world, received notice from the Committee on Foreign Investment in the United States ("CFIUS") that it has approved Prosus's Second Step equity investment related to Churchill II's acquisition of Skillsoft and Global Knowledge. This approval brings Prosus's total investment to $500 million and is an important step towards the consummation of the business combination. Other than certain customary closing conditions, the CFIUS approval completes the required conditions for the investment by Prosus and the effectiveness of a strategic support agreement under which Prosus will provide Churchill II with business development and investor relations support services and allows Prosus to elect the Chairman of the combined company.
The Prosus PIPE, in addition to expected cash on hand at the time of closing, substantially satisfies the minimum cash condition in the Skillsoft merger agreement ($644M) and excludes the benefit of any cash held in trust, net of any redemptions.
Posted In: CCX
