Clearwater Analytics (NYSE: CWAN) taken private in $8.4B cash deal
Rhea-AI Filing Summary
Clearwater Analytics Holdings, Inc. completed its previously announced take‑private merger with GT Silver BidCo, Inc., led by Permira and Warburg Pincus, in a transaction valued at approximately $8.4 billion. The company is now a wholly owned subsidiary of the buyer group and will cease public reporting.
Stockholders received $24.55 per share in cash, an approximately 47% premium to Clearwater’s undisturbed share price on November 10, 2025. Total cash consideration payable to equityholders at closing was about $7.4 billion, funded by roughly $5.7 billion of equity from the investor consortium and $2.7 billion of debt financing under a new senior secured credit facility.
In connection with the merger, Clearwater entered into a new Credit Agreement providing a $2.7 billion term loan, a $500 million delayed draw term loan, and a $325 million revolving facility, while repaying and terminating its prior credit agreement. The company’s Class A common stock has been delisted from the New York Stock Exchange, and Clearwater is moving to deregister its shares and suspend Exchange Act reporting obligations.
Positive
- Premium cash exit for shareholders: Clearwater stockholders received $24.55 per share in cash, representing an approximately 47% premium to the undisturbed share price on November 10, 2025.
- Fully funded transaction with sizable equity component: The $7.4 billion cash consideration was backed by about $5.7 billion of equity from a diversified sponsor consortium plus $2.7 billion of committed debt financing.
Negative
- Loss of public-market liquidity and transparency: Clearwater’s Class A common stock has been delisted from the NYSE, with plans to terminate registration and suspend Exchange Act reporting obligations.
- Higher leverage under new private ownership: The new capital structure includes a $2.7 billion senior secured term loan plus additional delayed draw and revolving facilities, increasing secured debt at the operating group.
Insights
Clearwater exits public markets via a premium‑priced, leveraged take‑private.
The merger places Clearwater Analytics under private ownership in an $8.4 billion transaction. Public stockholders receive $24.55 per share in cash, a disclosed 47% premium to the undisturbed price, which is a materially favorable outcome for existing shareholders at closing.
Financing combines roughly $5.7 billion of equity from the sponsor consortium with $2.7 billion of new senior secured debt facilities. The prior credit agreement was fully repaid and terminated, simplifying legacy obligations but increasing leverage at the new private‑company level.
Clearwater’s NYSE delisting and planned deregistration end public‑market liquidity and disclosure. For former public investors, this is a terminal cash‑out event; for the sponsor group, performance will depend on private execution of Clearwater’s AI and platform roadmap described in the press release.
8-K Event Classification
Key Figures
Key Terms
Credit Agreement financial
senior secured term loan facility financial
delayed draw term loan facility financial
Merger Consideration financial
take-private acquisition financial
Form 25 regulatory
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Introductory Note.
As previously disclosed, on December 20, 2025, Clearwater Analytics Holdings, Inc., a Delaware corporation (the “Company”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with GT Silver BidCo, Inc., a Delaware corporation (“Parent”), and GT Silver Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent (“Merger Sub”), which provides for the merger of Merger Sub with and into the Company with the Company surviving the merger as a wholly owned subsidiary of Parent (the “Merger”).
On June 25, 2026 (the “Closing Date”), on the terms and subject to the conditions set forth in the Merger Agreement and in accordance with the Delaware General Corporation Law (the “DGCL”), the Merger was consummated. At the effective time of the Merger (the “Effective Time”), the separate corporate existence of Merger Sub ceased, and the Company survived the Merger as a wholly owned subsidiary of Parent.
| Item 1.01 | Entry into a Material Definitive Agreement. |
Credit Agreement
Substantially concurrently with the closing of the Merger, Parent, as a guarantor, Merger Sub, as the initial borrower, and the Company, as a borrower, entered into that certain Credit Agreement (the “Credit Agreement”) by and among Goldman Sachs Private Credit Corp., as administrative agent, the lenders and issuing banks from time to time party thereto, which provides for (i) a senior secured term loan facility in an aggregate principal amount of $2,700,000,000, (ii) a senior secured delayed draw term loan facility in an aggregate principal amount of $500,000,000 and (iii) a senior secured revolving credit facility in an aggregate principal amount of $325,000,000. The obligations under the Credit Agreement are guaranteed by Parent and certain other wholly owned domestic subsidiaries of the Company and are secured on a first-priority basis by substantially all assets of the borrower and the guarantors (subject to certain exclusions and exceptions). The Credit Agreement includes representations and warranties, covenants, events of default and other provisions that are customary for facilities of this type.
The information set forth in the Introductory Note of this Current Report on Form 8-K is incorporated by reference into this Item 1.01.
| Item 1.02 | Termination of a Material Definitive Agreement. |
On June 25, 2026, in connection with the Merger, all outstanding indebtedness under that certain Credit Agreement, dated as of April 21, 2025, by and among, CWAN Acquisition, LLC, a Delaware limited liability company, Clearwater Analytics, LLC, a Delaware limited liability company, the lenders and the issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (as amended, restated, supplemented or otherwise modified prior to the closing of the Merger, the “Existing Credit Agreement”), was repaid in full and all commitments thereunder were terminated. Additionally, the guarantees and liens securing the indebtedness under the Existing Credit Agreement were discharged and released.
The information set forth in the Introductory Note of this Current Report on Form 8-K is incorporated by reference into this Item 1.02.
| Item 2.01 | Completion of Acquisition or Disposition of Assets. |
As described above, at the Effective Time, on the terms and subject to the conditions set forth in the Merger Agreement, (i) Parent completed its previously announced acquisition of the Company, (ii) the Company became a wholly owned subsidiary of Parent and (iii) each share of Class A common stock, par value $0.001 per share, of the Company (the “Company Class A Common Stock”) issued and outstanding immediately prior to the Effective Time, including each share of Company Class A Common Stock resulting from the OpCo Units Exchange (as defined below) (other than shares of Company Class A Common Stock (a) owned by Parent or Merger Sub, (b) owned by the Company as treasury shares or (c) held by any person who properly exercised appraisal rights under the DGCL), was converted into the right to receive an amount in cash equal to $24.55 per share, without interest (the “Merger Consideration”).
Immediately prior to the Effective Time, on the terms and subject to the conditions set forth in the Merger Agreement and in accordance with the limited liability agreement of CWAN Holdings, LLC, a Delaware limited liability company (“OpCo”), and the Company’s certificate of incorporation, the Company required each holder of Class A Common Units of OpCo (the “OpCo Units”) to exchange all of such holder’s OpCo Units and shares of Class B common stock, par value $0.001 per share, of the Company (the “Company Class B Common Stock”) for shares of Company Class A Common Stock (the “OpCo Units Exchange”). Immediately upon consummation of the OpCo Units Exchange, each share of Company Class B Common Stock was automatically canceled, such that no shares of Company Class B Common Stock remained outstanding as of immediately prior to the Effective Time.
In addition, on the terms and subject to the conditions set forth in the Merger Agreement, at the Effective Time and except as set forth below, each outstanding award with respect to Company Class A Common Stock was canceled in exchange for a cash award equal to the Merger Consideration multiplied by the number of shares of Company Class A Common Stock subject to the award (determined assuming the achievement of any performance-vesting conditions at the maximum level), less the aggregate exercise price in the case of awards that were an option to purchase shares of Company Class A Common Stock (“Options”).
In the case of restricted stock units with respect to Company Class A Common Stock (“RSUs”) that were held by a non-employee member of the board of directors of the Company (the “Board”) and all other RSUs that were vested as of the Effective Time, the resulting cash award was fully vested and became payable at the Effective Time. In the case of all other RSUs, the resulting cash award remains subject to all time-vesting terms and conditions that applied to the underlying award as of the Effective Time.
The foregoing description of the Merger Agreement and the transactions contemplated thereby is not complete and is subject to and qualified in its entirety by reference to the Merger Agreement, which was filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the SEC on December 22, 2025, the terms of which are incorporated herein by reference.
The information in the Introductory Note, Item 1.01 and Item 1.02 of this Current Report on Form 8-K is incorporated by reference into this Item 2.01.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth in the Introductory Note and Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.03.
| Item 2.04 | Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement. |
The information set forth in the Introductory Note and Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.04.
| Item 3.01 | Notice of Delisting or Failure to Satisfy a Continuing Listing Rule or Standard; Transfer of Listing. |
In connection with the consummation of the Merger, the Company notified the New York Stock Exchange (the “NYSE”) on June 25, 2026 that the Merger had been completed and requested that the trading of the Company Class A Common Stock be suspended and listing of the Company Class A Common Stock on the NYSE be removed. The Company has requested that the NYSE file a Form 25 with the Securities and Exchange Commission (“SEC”) to report that the Company Class A Common Stock was no longer listed on the NYSE and deregister the Company Class A Common Stock under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). After the Form 25 becomes effective, the Company intends to file with the SEC a Certification and Notification of Termination on Form 15 requesting the termination of registration of Company Class A Common Stock under Section 12(g) of the Exchange Act and the suspension of the Company’s reporting obligations under Sections 13 and 15(d) of the Exchange Act with respect to Company Class A Common Stock.
The information in the Introductory Note and Item 2.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.01.
| Item 3.03 | Material Modification to Rights of Security Holders. |
The information in the Introductory Note, Item 2.01, Item 3.01, Item 5.01 and Item 5.03 of this Current Report on Form 8-K is incorporated by reference into this Item 3.03.
| Item 5.01 | Changes in Control of Registrant. |
As a result of the consummation of the Merger, a change of control of the Company occurred and the Company became a wholly owned subsidiary of Parent. The total amount of cash consideration payable to the Company’s equityholders at closing in connection with the Merger and pursuant to the Merger Agreement was approximately $7.4 billion. The funds used by Parent to consummate the Merger and complete the related transactions came from approximately $5.7 billion in the form of equity investments by funds affiliated with, among others, Permira Advisers LLC (an affiliate of Parent and Merger Sub), Warburg Pincus LLC, Francisco Partners Management, L.P. and Temasek Holdings (Private) Limited (collectively, the “Consortium”) and approximately $2.7 billion in the form of debt financing from certain financial institutions.
The information in the Introductory Note and in Item 2.01 and Item 5.02 of this Current Report on Form 8-K is incorporated by reference into this Item 5.01.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Arrangements of Certain Officers. |
Effective upon the consummation of the Merger, each of Dr. Mukesh Aghi, Jacques Aigrain, Cary Davis, Christopher Hooper, Lisa Jones, Eric Lee, D. Scott Mackesy, Bas NieuweWeme and Andrew Young resigned from the Board and from any and all committees of the Board on which they served and ceased to be directors of the Company, and the directors of Merger Sub immediately prior to the Effective Time, Peter Flynn and Thomas Lafrance, were appointed as directors of the Company. Immediately thereafter, Parent, as the sole stockholder of the Company, removed all of the directors of the Company (other than Sandeep Sahai) and elected Jim Cox to serve as a director of the Company.
In addition, at the Effective Time, the Company terminated the Company’s 2021 Omnibus Incentive Plan, the Enfusion, Inc. 2021 Stock Option and Incentive Plan and the Company’s 2021 Employee Stock Purchase Plan.
The information in the Introductory Note and in Item 2.01 of this Current Report on Form 8-K is incorporated by reference into this Item 5.02.
| Item 5.03 | Amendments to Articles of Incorporation or Bylaws; Changes in Fiscal Year. |
In connection with the consummation of the Merger, effective on the Closing Date, the certificate of incorporation and bylaws of the Company were each amended and restated in their entirety. A copy of the Second Amended and Restated Certificate of Incorporation of Clearwater Analytics Holdings, Inc. as of June 25, 2026 and the Second Amended and Restated Bylaws of Clearwater Analytics Holdings, Inc. as of June 25, 2026 are filed herewith as Exhibit 3.1 and 3.2, respectively, and are incorporated herein by reference.
The information in the Introductory Note and Item 2.01 of this Current Report on Form 8-K is incorporated by reference into this Item 5.03.
| Item 7.01 | Regulation FD Disclosure. |
On June 25, 2026, the Company and the Consortium issued a joint press release announcing the consummation of the Merger. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information contained in this Item 7.01 and in Exhibit 99.1 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit Number |
Description of Exhibit | |
| 2.1* | Agreement and Plan of Merger, dated as of December 20, 2025, by and among GT Silver BidCo, Inc., GT Silver Merger Sub, Inc. and Clearwater Analytics Holdings, Inc. (incorporated by reference to Exhibit 2.1 of the Current Report on Form 8-K filed by Clearwater Analytics Holdings, Inc. on December 22, 2025) | |
| 3.1 | Second Amended and Restated Certificate of Incorporation of Clearwater Analytics Holdings, Inc., dated June 25, 2026 | |
| 3.2 | Second Amended and Restated Bylaws of Clearwater Analytics Holdings, Inc., dated June 25, 2026 | |
| 99.1 | Joint Press Release, dated June 25, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
| * | Schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The registrant agrees to furnish supplementally to the SEC a copy of any omitted schedule upon request by the SEC. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CLEARWATER ANALYTICS HOLDINGS, INC. | ||||
| By: | /s/ Alphonse Valbrune | |||
| Name: | Alphonse Valbrune | |||
| Title: | Chief Legal Officer and Corporate Secretary | |||
Date: June 25, 2026
Exhibit 99.1
Clearwater Analytics Completes $8.4 Billion Take-Private Acquisition by Permira and Warburg Pincus
Acquisition supported by Francisco Partners, with participation from Temasek
Stockholders receive $24.55 per share
BOISE, Idaho, June 25, 2026 – Clearwater Analytics (“CWAN”, “Clearwater” or the “Company”), today announced the completion of its previously announced acquisition, a transaction valued at approximately $8.4 billion, by a Permira and Warburg Pincus-led Investor Group (the “Investor Group”). The transaction was supported by Francisco Partners, with participation from Temasek. With the completion of the acquisition, Clearwater’s Class A common stock no longer trades on the New York Stock Exchange.
Under the terms of the agreement, Clearwater stockholders received $24.55 per share in cash, representing an approximately 47% premium over the Company’s undisturbed share price on November 10, 2025, the last trading day prior to media reports regarding a potential transaction.
The transaction followed a thorough review process overseen by a Special Committee of independent and disinterested members of the Clearwater Board of Directors, which unanimously recommended approval of the transaction. The transaction was approved by the Board and Clearwater’s stockholders (including a majority of votes cast by disinterested stockholders).
The transaction positions Clearwater to accelerate investment in its AI roadmap and next-generation platform capabilities. Clearwater’s data foundation, a single, real-time view of every asset across public and private markets, is what makes that roadmap possible. As a private company, with the full backing of the Permira funds and Warburg Pincus, Clearwater gains the flexibility to build on that foundation faster and take its agentic capabilities further for the institutional investors who trust it with over $10 trillion in assets globally.
“We have built Clearwater on a conviction that most of the industry thought was too ambitious: that investment teams deserve a single, real-time view of everything they own, every asset, every day, across every market. Innovation and disruption have been the key drivers of growth for over a decade,” said Sandeep Sahai, CEO at Clearwater Analytics. “Our ability to focus on scaling our current platform while building a Gen AI agentic platform is meaningfully enhanced by going private. Our clients depend upon us to be stewards of the platform they use, and our investments will ensure that they remain at the forefront of technological innovation for running their business.”
Advisors
PJT Partners served as the exclusive financial advisor, and Cravath, Swaine & Moore LLP served as legal counsel, to the Special Committee of the CWAN Board of Directors. J.P. Morgan acted as financial advisor, and Kirkland & Ellis LLP served as legal counsel, to CWAN. Goldman Sachs & Co. LLC acted as financial advisor to the Investor Group. Private Credit at Goldman Sachs Alternatives provided 100% committed debt financing to the Investor Group. Latham and Watkins LLP served as M&A counsel to the Investor Group. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as finance counsel to the Investor Group.
About Clearwater Analytics
Clearwater Analytics is transforming investment management with the industry’s most comprehensive cloud-native platform for institutional investors across global public and private markets. While legacy systems create risk, inefficiency, and data fragmentation, Clearwater’s single-instance, multi-tenant architecture delivers real-time data and AI-driven insights throughout the investment lifecycle. The platform eliminates information silos by integrating portfolio management, trading, investment accounting, reconciliation, regulatory reporting, performance, compliance, and risk analytics in one unified system. Serving leading insurers, asset managers, hedge funds, banks, corporations, and governments, Clearwater supports over $10 trillion in assets globally. Learn more at www.cwan.com.
About Permira
Permira is a global investment firm that backs successful businesses with growth ambitions. Founded in 1985, the firm advises funds across two core asset classes, private equity and credit, with total committed capital of approximately €90bn.
The Permira private equity funds make both long-term Buyout and Growth Equity investments in four key sectors: Technology, Consumer, Healthcare and Services. The Permira funds have previously supported and helped scale some of the largest and fastest-growing technology businesses globally, including Genesys, TeamViewer, Zendesk, McAfee, Mimecast, Octus, Informatica, Klarna, Magento, Teraco, and others.
Permira employs over 500 people in 15 offices across Europe, the United States, the Middle East and Asia. For more information, visit www.permira.com.
About Warburg Pincus
Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $100 billion in assets under management, and more than 215 companies in its active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,100 companies across its private equity, real estate, and capital solutions strategies. The firm is an active investor in the SaaS, data, fintech and insurance sectors globally, with notable investments, including Arch Insurance, Avalara, Avaloq, Beacon, FIS, Interactive Data Corporation (IDC), IntraFi, Primerica, Reorg Research, Sagent, Varo Money, and Wall Street Systems, among others.
The firm is headquartered in New York with more than 15 offices globally. For more information, please visit www.warburgpincus.com or follow us on LinkedIn and YouTube.
About Francisco Partners
Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 25 years ago, Francisco Partners has invested in over 500 technology companies, making it one of the most active and longstanding investors in the technology industry. With over $50 billion in capital raised to date, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.
About Temasek
Temasek is a global investment company headquartered in Singapore, with a net portfolio value of US$324 billion as of 31 March 2025. Temasek’s Purpose “So Every Generation Prospers” guides it to make a difference for today’s and future generations. Temasek seeks to build a resilient and forward-looking portfolio that will deliver sustainable returns over the long term. It has 13 offices in 9 countries around the world: Beijing, Hanoi, Mumbai, Shanghai, Shenzhen, and Singapore in Asia; and Brussels, London, Mexico City, New York, Paris, San Francisco, and Washington, D.C. outside Asia.
For more information on Temasek, please visit www.temasek.com.sg