M&A · Tech · Services-Prepackaged Software
Permira, Warburg Pincus, Francisco Partners and Temasek to acquire Clearwater Analytics Holdings, Inc.
Announced Dec 21, 2025 · Closed Jun 25, 2026
Deal value$8.40BEV $8.40B
Premium47.0%To unaffected price
EV / Adj. EBITDA—13.1x EV / Revenue
ConsiderationAll cash$24.55 per share
Transaction
- Acquirer
- Permira, Warburg Pincus, Francisco Partners and Temasek
- Target
- Clearwater Analytics Holdings, Inc. (CWAN)
- Buyer type
- Private equity
- Offer price per share
- $24.55
- Enterprise value
- $8.40B
- Status
- Closed Jun 25, 2026
Deal protections
- Break fee (target pays)
- $242M · 2.9%
- Reverse fee (buyer pays)
- $521M · 6.2%
- Go-shop
- Go-shop
- Financing
- Committed · Goldman Sachs
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- PJT Partners, JPMorgan
Sector context · Tech
- Comparable deals
- 68 in the prior 24 months
- Premium
- 47.0% vs. 37.0% sector median
- EV / Adj. EBITDA
- Sector median 16.5x
- Break fee
- 2.9% vs. 3.0% sector median
Timeline
- AnnouncedDec 21, 2025
- Proxy filedFeb 24, 2026
- Definitive proxyApr 8, 2026
- Shareholder voteMay 6, 2026
- ClosedJun 25, 2026
Valuation · fairness opinions
Discounted cash flowPJT Partners$19.25$30.50
Trading comparablesPJT Partners$15.75$24.75
Trading comparablesPJT Partners$17.00$24.75
Precedent transactionsPJT Partners$17.25$23.25
Leveraged buyoutPJT Partners$22.00$28.75
Trading comparablesJPMorgan$15.75$26.25
Trading comparablesJPMorgan$16.75$31.25
Precedent transactionsJPMorgan$15.75$23.25
Other analysisJPMorgan$18.75$34.00
Discounted cash flowJPMorgan$20.25$31.25
Offer $24.55
Implied value per Clearwater Analytics Holdings, Inc. share by analysis, from PJT Partners and JPMorgan.