M&A · Tech · Services-Prepackaged Software
Hg to acquire OneStream, Inc.
Announced Jan 6, 2026 · Closed Apr 1, 2026
Deal value$6.40BEV $5.75B
Premium31.0%To unaffected price
EV / Adj. EBITDA—10.1x EV / Revenue
ConsiderationAll cash$24.00 per share
Transaction
- Acquirer
- Hg
- Target
- OneStream, Inc. (OS)
- Buyer type
- Private equity
- Offer price per share
- $24.00
- Enterprise value
- $5.75B
- Status
- Closed Apr 1, 2026
Deal protections
- Break fee (target pays)
- $207M · 3.2%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- JPMorgan, Centerview
- JPMorgan fee
- $48.0M
- Centerview fee
- $5.0M
Sector context · Tech
- Comparable deals
- 70 in the prior 24 months
- Premium
- 31.0% vs. 37.1% sector median
- EV / Adj. EBITDA
- Sector median 16.5x
- Break fee
- 3.2% vs. 3.0% sector median
Timeline
- AnnouncedJan 6, 2026
- Proxy filedFeb 17, 2026
- Definitive proxyFeb 27, 2026
- Shareholder vote—
- ClosedApr 1, 2026
Valuation · fairness opinions
Trading comparablesJPMorgan$13.75$19.00
Precedent transactionsJPMorgan$23.00$32.00
Discounted cash flowJPMorgan$21.50$28.50
Trading comparablesCenterview$15.20$19.10
Precedent transactionsCenterview$20.35$26.80
Discounted cash flowCenterview$20.60$29.50
Analyst price targetsCenterview$21.00$38.00
Offer $24.00
Implied value per OneStream, Inc. share by analysis, from JPMorgan and Centerview · DCF discount rate 10%–11%.