Clearwater Analytics Reaches $8.4 Billion Take-Private Deal

Clearwater Analytics has agreed to a take-private from an investor group including Permira and Warburg Pincus. (Dreamstime)

Key Points

• Clearwater Analytics agreed to an $8.4 billion take-private deal with an investor group led by Permira and Warburg Pincus.
• Stockholders will receive $24.55 a share in cash, a premium of about 47% over the Nov. 10 share price.
• The transaction, approved by Clearwater’s board, is expected to close in the first half of 2026, pending approvals.

Clearwater Analytics said it has agreed to an $8.4 billion take-private by an investor group led by Permira and Warburg Pincus.

Clearwater stockholders will receive $24.55 a share in cash, representing a premium of about 47% over Clearwater’s share price on Nov. 10, the last trading day before media reports of a potential transaction.

Clearwater said Sunday its board of directors approved the deal after a special board committee of independent directors, its outside legal counsel, and financial advisor all recommended the transaction.

Clearwater CEO Sandeep Sahai called it a great outcome for Clearwater Analytics and its stockholders, adding, “It also positions us well for our next chapter of growth.”

“Operating as a private company will empower us to invest boldly as we integrate the platforms to deliver a next-generation front-to-back solution that natively addresses alternative assets, provides industry leading risk analytics, and delivers on agentic solutions powered by our unique and proprietary database,” he said.

Permira and Warburg Pincus have proven track records fostering growth for some of the largest and fastest-growing technology businesses globally, Sahai said. “We look forward to building on our momentum and delivering advanced solutions for our clients and partners in the years ahead.”

Alex Stratoudakis, managing director of Warburg Pincus, said they are investing in “the vision of creating an open, modular, front-to-back platform for institutional investment management.”

Clearwater said it would continue to operate as usual during the pending transaction, which is subject to approval by its shareholders. Pending that and regulatory approvals, the translation is expected to close in the first half of 2026.

The Singapore-based investment fund Temasek is participating in the investor group.

PJT Partners is serving as the exclusive financial advisor, and Cravath, Swaine & Moore LLP is serving as legal counsel to Clearwater’s Special Board Committee. J.P. Morgan is the exclusive financial advisor, and Kirkland & Ellis LLP is legal counsel to Clearwater.

Goldman Sachs & Co. LLC is acting 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 is serving as M&A counsel to the Investor Group. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as finance counsel to the Investor Group.

Write to Janet H. Cho at janet.cho@dowjones.com