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BUZZ-CCC Intelligent Solutions down as top shareholder Advent to slash stake

Reuters
Feb 28
BUZZ-CCC Intelligent Solutions down as top shareholder Advent to slash stake

** Shares of insurance software firm CCC Intelligent Solutions CCCS.O down nearly 1% to $10.34 in post-market trading after news of secondary offering

** Chicago-based P&C co says private equity firm Advent International to sell 42 mln shares

** In connection with offering, co plans to repurchase 7 mln shares from the underwriters

** BofA, Goldman, Jefferies and JP Morgan are jt bookrunners

** Currently, Advent owns ~139.3 mln shares for ~21.2% stake, per LSEG

** With ~656.78 mln shares outstanding, co has ~$6.9 bln market cap

** CCCS shares finished Thurs up 1.2% at $10.43

** YTD, stock down 11.3% compared to 4% decline in the Nasdaq Composite .IXIC

** Avg rating among 13 analysts is "buy" and median PT is $14 - LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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