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Elliott and GTCR in advanced talks to buy CCC Intelligent Solutions
CCC has been reviewing strategic options with a financial adviser after Elliott built a substantial stake, and the stock rose about 7% to $7.02 on Friday.
Elliott Investment Management and private equity firm GTCR are in advanced discussions to acquire CCC Intelligent Solutions, a provider of software for the automotive insurance industry, Bloomberg reported citing people familiar with the matter.
A deal could be announced as soon as next week, though talks are ongoing, terms and timing remain uncertain, and the parties could still fail to reach an agreement.
CCC, based in Chicago, has been reviewing strategic options with the help of a financial adviser after Elliott accumulated a substantial stake.
Ahead of any potential transaction, CCC shares rose about 7% on Friday to close at $7.02, valuing the company at roughly $4.1 billion, according to the report.