GTCR and Elliott Investment Management plan to take CCC Intelligent Solutions private in a transaction valued at roughly $4.6 billion. Shareholders are set to receive $7.75 in cash for each common share, which is about 44% higher than the July 9 closing price, the day media reports of a potential deal first appeared. Including debt, the agreement values CCC at $6.1 billion. Completion of the deal requires regulatory sign-off, with closing anticipated in the first quarter of next year, which would take CCC back into private hands.
Earlier this year, Elliott built a stake in CCC, and the acquisition was spearheaded by the firm's private equity arm. Though famed for activism, Elliott has executed private equity takeovers for over a decade. In 2023, the firm discontinued its Evergreen Coast private equity label to reduce confusion and highlight the integration of private equity with the rest of the organization. Among its additional private equity holdings are Cloud Software Group, Barnes & Noble Inc., Syneos Health Inc., and Nielsen Holdings Ltd.
Chicago-based GTCR said it has followed CCC for years and contends the company is uniquely positioned as customers adopt AI solutions. "Our focus will be on helping CCC deliver better outcomes for its customers while supporting CCC's next phase of growth," said Mark Anderson, who leads technology, media and telecommunications at GTCR. On the advisory side, Morgan Stanley advised CCC, while JPMorgan Chase & Co. was lead financial adviser to GTCR, and Citigroup Inc. also advised.
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As of 2:52 p.m. Thursday in New York, CCC's stock was down 0.3% at $7.62, putting its market value near about $4.5 billion. In October, Bloomberg News said the sides were close to an agreement, and earlier noted that Copart Inc. had participated in prior talks with several private equity firms.
The company had weighed a sale in 2023. The latest agreement is a reminder that software M&A can still get done even after an industry-wide selloff earlier this year as investors fretted over how artificial intelligence could reshape the space.
CCC makes software for the auto insurance industry that helps process claims and repairs. "With GTCR and Elliott's experience and resources, we will continue to build on our momentum and extend our leadership," said Githesh Ramamurthy, CCC's chairman and CEO. "Together, we will accelerate the AI and agentic capabilities our customers want from us, expand the network at the center of our platform, and continue to develop and build our world class team."
This deal marks a return to private markets for CCC after its 2021 public listing via a SPAC merger that valued it at about $7 billion. Advent International acquired CCC in 2017 and disposed of its remaining stake last year. For everyday investors, the near-term takeaway is straightforward: if the deal closes, shares convert to $7.75 in cash. Bigger picture, buyers are still writing checks for software assets they think can grow with AI at their back.
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