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Churchill Capital Corp VII (CVII) is a special purpose acquisition company (SPAC) dedicated to pursuing merger opportunities with promising businesses. Recently, Churchill VII announced a significant business combination with CorpAcq Holdings Limited, a well-established corporate compounder based in the UK. This strategic merger aims to create CorpAcq Group Plc, which will be publicly traded on the New York Stock Exchange under the ticker 'CPGR'.
CorpAcq, founded in 2006, has a diverse portfolio of 42 companies spanning multiple industries, emphasizing resilient sectors with high barriers to entry. The company's approach focuses on acquiring and supporting founder-led businesses, allowing them operational independence while providing financial and strategic expertise. CorpAcq is known for driving significant organic growth, evidenced by a 9% revenue increase and an 11% rise in adjusted EBITDA in the first half of 2023.
Churchill VII and CorpAcq's merger was officially announced on August 1, 2023, and is anticipated to close in early 2024, subject to regulatory approvals and shareholder consent. The combined entity is expected to leverage CorpAcq's established M&A playbook to unlock further growth potential and achieve robust financial performance. For 2023, CorpAcq has reaffirmed its revenue guidance of approximately £729 million ($938 million) and adjusted EBITDA of £126 million ($162 million), reflecting a solid 15% revenue growth year-over-year.
Financially, Churchill VII must ensure at least $350 million cash is available at closing, net of transaction fees, to satisfy the agreement's conditions. UBS Investment Bank and Citigroup Global Markets Inc. are acting as financial and capital markets advisors, respectively, while legal counsel is being provided by Reed Smith LLP and Weil, Gotshal & Manges LLP.
The merger positions CorpAcq Group Plc to capitalize on its strong asset base and competitive positioning across various industries, aiming for sustained growth and free cash flow generation. This transition marks an exciting phase for both Churchill VII and CorpAcq, promising enhanced shareholder value and market presence.
Churchill Capital Corp VII (CVII) has announced the adjournment of its special stockholder meeting and warrant holder meeting, originally scheduled for July 25, 2024, to August 12, 2024. These meetings are related to the proposed business combination with CorpAcq Holdings The redemption deadline for stockholders has been extended to August 8, 2024.
The Churchill VII board unanimously recommends that stockholders and warrant holders vote 'FOR' all proposals in the Proxy Statement. If approved, the combined company will operate as CorpAcq Group Plc and is expected to list on the Nasdaq Global Market under the ticker 'CPGR'.
Churchill Capital Corp VII (Nasdaq: CVII), a special purpose acquisition company, announced a special meeting for stockholders and public warrant holders on July 25, 2024. The meeting aims to approve a business combination with CorpAcq Holdings and amend the existing warrant agreement. Stockholders and warrant holders of record as of June 18, 2024, will receive the definitive proxy statement and can vote on the proposals. If approved, the combined company will operate as CorpAcq Group Plc and list on Nasdaq under the ticker 'CPGR'. The board of directors recommends voting 'FOR' all proposals.
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