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New Deal


Announced

Cheche Technology to go public via a SPAC merger with Prime Impact Acquisition I in an $841m deal.

Financials

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Transaction Value£679m
Consideration TypeCash
Capital Owned-
Capital Bid For100%
EV/Sales2.3x
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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Merger

Property and Casualty Insurance

insurance technology

Pending

auto insurance

De-SPAC

China

Acquisition

Cross Border

Majority

Reverse Takeover

Single Bidder

Friendly

Private

Synopsis

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Cheche Technology, an operator of an auto insurance search engine, agreed to go public via a SPAC merger with Prime Impact Acquisition I in an $841m deal. “We have great respect for the platform that Lei and his technical team have built and the trusted relationships they have developed throughout the industry over the last eight years. We appreciate Lei’s strategy of leveraging their extensive insurance transaction platform to provide scalable SaaS and AI-enable analytic solutions to key stakeholders in the insurance ecosystem. We believe the Cheche Technology transaction platform and suite of SaaS solutions can deliver improvements in efficiency, pricing and risk management and create significant value for their partners, customers and stakeholders," Mark Long, Prime Impact Co-Founder, Co-CEO and CFO.

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