CCC Intelligent Solutions falls as Advent, Oak Hill cut stakes
29/05/2024 12:43
** Shares of CCC Intelligent Solutions CCCS.O down 5% at
$11.30 premarket after P&C insurance software firm's overnight
secondary offering priced
** Co late Tues announced 50 mln shares sold by private
equity firms Advent International and Oak Hill Capital Partners
at $11.50, 3.3% discount to last sale
** Share sale split yet to be disclosed. Per LSEG, Advent
held ~205.94 mln shares for ~33.5% stake and Oak Hill owned
~41.45 mlm shares for ~6.74% stake prior to offering
** JP Morgan, Morgan Stanley, BofA and Goldman acting as
joint book runners
** On May 1, CCCS shares closed down 6% at $10.55, a day
after co posted Q1 rev of $227 mln (up 11% yr/yr) and adj EPS of
9 cents, both topping consensus estimates of $225 mln and 8
cents/sh
** Shares up ~4% YTD and up ~13% over the past 12 months
through Tues
(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))