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CCC Information to Go Public via $7B SPAC Deal with Dragoneer Growth Opportunities Corp

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by Ibukun Ogundare · 3 min read
CCC Information to Go Public via $7B SPAC Deal with Dragoneer Growth Opportunities Corp
Photo: CCC Information Services

CCC Information shareholders would own about 83.2% of the company upon completing the deal.

Insurance IT firm CCC Information Services is planning to go public through a merger with blank-check firm Dragoneer Growth Opportunities Corp (NYSE: DGNR.UT). CCC Information Services provides data and technology to auto and insurance firms. As stated on the company’s website, about 300 US insurers use its services. Dragoneer Growth Opportunities Corp, on the other hand, is sponsored by Dragoneer Investment Group, a growth-oriented investment firm based in San Francisco.

CCC Information’s SPAC Deal

According to a Reuters report, the deal between CCC Information Services and Dragoneer Growth Opportunities Corp valued the data and technology provider at about $7 billion. The report noted other benefits CCC Information could enjoy from the deal. Reuters said that CCC Information is expected to raise $968 million from the deal. Also, the company should secure an investment of $150 million from financial services company Fidelity Investments, T. Rowe Price, and more.

Furthermore, CCC Information received a $175 million investment from billionaire Michael Bloomberg’s family officer and Dragoneer.

In addition, Reuters said that CCC Information shareholders would own about 83.2% of the company upon completing the deal. Advent International would be the single largest shareholder.

Reports further revealed that the combined company would rebrand to CCC Intelligent Solutions Holdings upon a successful merger. Also, that the combined company would list on the New York Stock Exchange (NYSE).

Dragoneer Growth Opportunities Corp. IPO

Dragoneer Growth Opportunities Corp. went public in 2020, when the company raised $690 million. On the 13th of August, the company revealed its IPO pricing at $10.000 per unit. The investment firm said it would be listed on the NYSE with the ticker “DGNR.U” from the 14th of the same month and close on the 18th.

As stated in the filing, the company is led by Marc Stad and Pat Robertson. The acting book runners in the offering are Goldman Sachs & Co (NYSE: GS) and JPMorgan Securities LLC.

Dragoneer Growth Opportunities Corp added:

“The Company will also enter into a forward purchase agreement for the purchase of an aggregate 15,000,000 forward purchase units with funds affiliated with Dragoneer Growth Opportunities Holdings. In addition, the Company will also enter into a forward purchase agreement for the purchase of an aggregate 2,500,000 forward purchase units with entities managed by or associated with Willett Advisors.”

According to data by MarketWatch, Dragoneer Growth Opportunities Corp has been recording losses. In its year-to-date record, the company has declined 21.73%. Also, the investment firm has lost more than 18% in the last three months and nearly 18% over the past month. The company is also down 10.47% in the last five days. Dragoneer Growth Opportunities Corp. is currently at after-hours trading of $11.25, a 2.74% gain over its previous close of $10.95.

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Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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