Clarivate completed its acquisition of CPA Global, a provider of intellectual property software and tech-enabled services. According to an 8K filed with the SEC, Bank of America served as administrative agent on $1.6 billion of senior secured term loan B financing that, in conjunction with cash on hand, Clarivate will use to fund the repayment of CPA Global’s $2 billion of outstanding debt.

“This is an exciting day for our company as we unite with CPA Global to offer our combined global customer base a more comprehensive suite of IP related products and services,” Jerre Stead, executive chairman and CEO of Clarivate, said. “With our joint resources and exceptional people, we are well positioned to accelerate the ways in which organizations can more effectively identify new opportunities, avoid risks and act more efficiently throughout the innovation lifecycle.”

“We are thrilled to join forces with Clarivate to create a global IP leader,” Simon Webster, formerly CEO of CPA Global and now executive advisor to the CEO at Clarivate, said. “Together, we have the strength, scale and breadth to meet the rapidly-evolving needs of our customers, whether that’s helping them to operate more efficiently and with less risk, or by delivering the insights and information that empower them to execute their IP strategies. In the current challenging world we live in, the need for a strong, global end-to-end IP partner has never been greater.”

Clarivate will now offer thousands of law firms and corporate customers IP solutions from brands covering patent and trademark research solutions, expanded IP services capabilities, IP management and renewal solutions and domain management.

“We are very pleased to be working with Leonard Green & Partners, L.P. (“LGP”), a leading private equity investment firm and the former owner of CPA Global,” Stead said. “We look forward to partnering with Usama Cortas and Adam Levyn, our newest board members from LGP, as we continue to execute on our growth strategy.”

In connection with the transaction, former CPA Global shareholders received approximately 217 million Clarivate ordinary shares, representing 35% pro forma fully diluted ownership of Clarivate.

Concurrent with the closing of the transaction, the Clarivate board of directors increased from 11 to 13 members.