ECP Environmental Growth Opportunities Corp goes public pehub.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pehub.com Daily Mail and Mail on Sunday newspapers.
ADVERTISEMENT
ADVERTISEMENT
Insurance Software Co. Valued At $7B In Go-Public Deal
Law360 (February 3, 2021, 10:45 AM EST) Private equity-backed auto insurance software company CCC Information Services, guided by Kirkland & Ellis, will go public by merging with a Ropes & Gray-advised special purpose acquisition company at a roughly $7 billion valuation, the companies said Wednesday.
The deal sees Chicago-headquartered CCC Information Services Inc. combining with San Francisco-based SPAC Dragoneer Growth Opportunities Corp., with the resulting entity being renamed CCC Intelligent Solutions Holdings Inc. and trading on the New York Stock Exchange, according to a statement. The deal values CCC at about $7 billion, including debt.
This would be done on a case-by-case basis, Tuttle said.
Unlike a peer SPAC ETF, this fund does not hold any former SPACs. The ETF will hold units, common shares and possibly warrants.
The fund manager told Benzinga he has no problem holding warrants and would do this on a case-by-case basis.
What’s Next For SPACs: The number of SPACs issued could taper off, Tuttle said.
“I don’t think it’s a fad or a trend.”
When gains are harder to come by in normal stocks, he said people could shift into SPACs.
Investing In Management Teams: Similar to what other fund managers and analysts, Tuttle is betting on the management teams behind the SPACs that have not announced deals.