CCC Information Services Going Public in $7 Billion Blank Check Transaction

CCC Information Services said on Wednesday it was going public through a merger with blank-check firm Dragoneer Growth Opportunities Corp., in a deal valuing the data and technology provider to automotive and insurance companies at about $7 billion.

The deal is expected to fetch CCC Information $968 million in proceeds, including a $150 million private investment from Fidelity Investments, T. Rowe Price and others.

A special purpose acquisition company (SPAC), also known as a blank-check company, gained popularity as an alternative route to public markets last year, for companies seeking to avoid a traditional initial public offering.

Earlier on Monday, Israeli EV startup REE Automotive and online payment startup Payoneer also announced mergers with blank-check companies.

Dragoneer Growth Corp went public in a $600 million IPO last year.

Evercore Group was the financial adviser to CCC.

The combined company will be renamed to CCC Intelligent Solutions Holdings Inc. and listed on the New York Stock Exchange.

(Reporting by Niket Nishant in Bengaluru; Editing by Shinjini Ganguli)