Sunday, June 16, 2024

CCC Intelligent Solutions drops amid report Advent pulled sale process

Must read

Professional Engineer Works on a Computer with a 3D CAD Software and Tests the Electric Car Chassis Prototype with Wheels, Batteries and Engine Standing in a High Tech Development Laboratory.

gorodenkoff/iStock via Getty Images

CCC Intelligent Solutions (NASDAQ:CCCS) fell 7.6% amid a report that private equity firm Advent has halted the sale process for the provider of software for the car insurance industry.

Advent appears to have dropped the auction for CCCS after parties couldn’t agree on price, according to a Dealreporter item on Tuesday, which cited people familiar with the matter. Bain, one of the reported interested parties, is said to have left the process.

The Dealreporter item comes after Reuters originally reported in late August that Advent, which has a 56% stake in the company, was exploring a sale of the company. CCC has a market cap of $7.7 billion.

Bloomberg reported last month that Bain was evaluating a potential takeover of CCCS. TPG (TPG) was also evaluating a deal for CCC and potentially may team up with Bain for an offer.

More articles

Latest article