CLVT - Quick Thoughts on LS&H Sale

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CLVT - Quick Thoughts on LS&H Sale

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FLASH

FLASH: CLARIVATE PLC (CLVT) July 6, 2026

CLVT - Quick Thoughts on LS&H Sale Rating:

Peer Perform ●This morning, CLVT announced that it had reached an agreement to sell its Price:

Life Sciences & Healthcare (LS&H) segment to Altaris LLC for $600mn. Upon $2.59

closing (expected by the end of the year), CLVT will receive $500mn in cash, Price Target:

NA $25mn in cash deferred to the completion of a transition services agreement,

and a $75mn seller note. CLVT reiterated FY26 guidance, but noted that LS&H Source: FactSet, Wolfe Research

will be classified as discontinued operations starting in the third quarter, and Priced as of 07/02/26

that it plans to record a $225-$250mn goodwill impairment associated with

the LS&H business. Shares of CLVT are up 3% in pre-market trading. The

company is hosting a conference call at 9am ET.

●Quick Thoughts: Based on Street estimates, the sale implies ~1.6x 2027 Scott Wurtzel

estimates for LS&H revenue. While this is lower than CLVT's total EV/ swurtzel@wolferesearch.com

(646) 582-9313

sales multiple, we believe investors were expecting the LS&H business to View CLVT Model

be sold for a discount relative to the rest of the business given its growth/

margin/FCF profile. Following the announcement during 4Q25 earnings that Darrin Peller dpeller@wolferesearch.com

the company would be pursuing a sale of the LS&H business, we believe (646) 582-9310

investors were looking for any sale to be announced prior to 2Q earnings. View Darrin’s Research

While some had become cautious given lack of notable divestiture activity Griffen Drebing

during the strategic review, we believe the announcement of the LS&H sale gdrebing@wolferesearch.com (646) 582-9314