CCC Information Services and Mitchell International Inc. have called off their $1.4 billion merger, after a federal court granted an FTC request for a preliminary injunction. According to Reuters, the FTC had argued that the merger would “in the market for electronic systems used to estimate how much repairs will cost after a collision and how to value totaled cars.” CCC is a Chicago-based portfolio company of Investcorp, while Mitchell is a San Diego-based portfolio company of Aurora Capital Group.
CCC Information Services Inc., of Chicago, and Mitchell International, Inc., of San Diego, announced today that they will no longer pursue the merger of the two companies.
“In light of the court’s decision, we have jointly decided to terminate the merger. A year ago when we announced the transaction, our stated objective was to deliver greater innovation to our customers and partners. This theme has remained a constant and will continue to be at the forefront of our efforts,” stated Githesh Ramamurthy, Chairman and CEO of CCC.
“Serving our customers has always been our primary focus. We have reached the point in the regulatory process in which our customers, employees and shareholders are best served by continuing as independent companies,” stated Alex Sun, President and CEO of Mitchell International.
About Mitchell International, Inc.
Mitchell is a leading provider of information, workflow, and performance management solutions to the insurance claims and automotive repair industries. Founded in 1946, Mitchell has developed a rich legacy as the only provider of solutions that address both physical damage and casualty claims needs. In addition, Mitchell is a leading provider of solutions designed to improve the performance of collision repairers through its business systems and customer satisfaction indexing offerings. Mitchell facilitates millions of electronic transactions between thousands of business partners each month to enhance their productivity, profitability, and customer satisfaction levels. You can find out more about Mitchell International by visiting the companys web site at www.mitchell.com.