Chicago-based marketing software giant Cision has entered into an agreement to combine with shell company Capitol Acquisition Corp III. The newly merged entity will make Cision a publicly listed company with an anticipated initial enterprise value of about $2.4 billion.

Cision

Cision will own 68 percent of the newly combined company’s common stock, with Capitol owning 32 percent. The transaction, which is subject to regulatory as well Capitol stockholders’ approval, is expected to close during 2017’s second quarter. Both Cision and Capitol’s boards have unanimously approved the proposed deal.

GTCR, the private equity firm that owns Cision, retains 100 percent of its equity in the company. Cision’s management team, which is led by CEO Kevin Akeroyd and CFO Jack Pearlstein, will run the combined company post-transaction.  Capitol chairman and CEO Mark Ein will join its board and serve as vice chairman. Capitol president and CFO Dyson Dryden also joins the board.

PJT Partners served as financial advisor to Cision in the transaction. Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Credit Suisse served as financial and capital markets advisors to Capitol.