Capitol Acquisition Corp. III (NASDAQ: CLAC) and GTCR announced an agreement to merge Cision into a subsidiary of Capitol, a "blank check" or special-purpose acquisition company. The end result of the planned transactions will be that Cision becomes a publicly-traded company with an expected value of $2.4 billion.
Cision's management will remain in place, while Capitol leadership will join the board. Current Cision shareholders will retain a majority interest in the newly public company. The deal is expected to close in the second quarter.