CCC Information Services, a SaaS platform for the property and casualty insurance economy, and Dragoneer Growth Opportunities today announced a definitive merger agreement in a deal valued at $968 million. Upon closing, the combined company is expected to be renamed CCC Intelligent Solutions Holdings and would list on the NYSE.
CCC is expected to receive net proceeds of approximately $968 million at the closing of the transaction (assuming no redemptions are effected) and will continue to operate under the CCC management team. All cash proceeds from the transaction will be put towards the Company’s balance sheet, with no existing CCC shareholders selling any shares in connection with the business combination. The transaction includes a $150 million fully committed common stock PIPE anchored by Fidelity Investments, T. Rowe Price and other premier SaaS investors, in addition to a $175 million forward purchase agreement from Dragoneer funds and Michael Bloomberg’s family office, Willett Advisors.
The boards of directors of both Dragoneer and CCC have approved the proposed transaction. Completion of the transaction, which is expected to occur in the second quarter of 2021, is subject to approval of Dragoneer’s shareholders. Read more.
