CCC Intelligent Solutions down as Advent, Oak Hill continue to offload
28/06/2024 14:19
** Shares of P&C insurance software firm CCC Intelligent
CCCS.O down 1.9% at $11.28 premarket after overnight secondary
offering priced
** Co late Thurs announced private equity firms Advent
International and Oak Hill Capital sold 30 mln shares with BofA
and Goldman Sachs as jt bookrunners
** Market sources say offering priced at $11.39, ~1%
discount to stock's last close
** A month ago, Advent and Oak Hill combined to offload 50
mln shares in secondary offering priced at $11.50
** That offering took Advent's CCCS holdings to ~164.3 mln
shares, ~26% stake, and Oak Hill's to ~33.1 mln shares, ~5%
stake
** CCCS shares were trading around $11 a year ago
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))