Insurance Tech Firm CCC Information to Go Public Via $7B SPAC Deal February 3, 2021
CCC Information Services said on Wednesday it was going public through a merger with blank-check firm Dragoneer Growth Opportunities Corp, in a deal that valued the data and technology provider to auto and insurance firms at about $7 billion.
The deal is expected to fetch CCC Information $968 million, including a $150 million private investment from Fidelity Investments, T. Rowe Price and others.
Funds associated with Dragoneer and billionaire Michael Bloomberg’s family office have also separately invested $175 million.
The company, founded in 1980, allows insurance holders to get a repair estimate of damaged vehicles once they upload photos on its app. Nearly 300 U.S. insurers use its technology, according to the company’s website.
2 months ago
Transaction includes $150 million of fully committed common stock PIPE with participation by Fidelity Investments, funds and accounts advised by T. Rowe Price Associates, Inc. and other investors, in addition to $175 million forward purchase agreement from Dragoneer funds and Michael Bloomberg’s family office, Willett Advisors
$968 million of expected net proceeds from transaction will be used to invest in CCC’s growth initiatives and for general corporate purposes
Advent International will remain the majority shareholder and be closely aligned with Dragoneer and public shareholders at transaction close
Company expected to be listed on the NYSE upon completion of the combination in the second quarter of 2021