CCC Information Services Group Inc., a leading supplier of advanced software, communications systems, Internet and wireless-enabled technology solutions to the automotive claims and collision repair industries, announced today that it has signed a definitive agreement to be acquired by an affiliate of Investcorp, the global investment group.
Under the terms of the agreement, CCC stockholders will receive $26.50 in cash for each share of CCC common stock, representing a 10.3 percent premium over the average closing price of CCC’s stock for the last 90 trading days. The fully diluted equity value of the transaction is approximately $495 million.
CCC will continue to be headquartered in Chicago and led by the current management team.
The merger agreement has been unanimously approved by the Board of Directors of CCC. In addition, CCC’s two largest stockholders have agreed to vote shares in favor of the transaction representing approximately 30 percent of the voting power of the Company’s outstanding shares.
The transaction is expected to close during the fourth quarter of 2005.
CCC Information Services Group Inc., headquartered in Chicago, is a supplier of advanced software, communications systems, Internet and wireless-enabled technology solutions to the automotive claims and collision repair industries.
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