M&A · Financials · Insurance Agents, Brokers & Service
Thoma Bravo to acquire Accelerant Holdings
Announced Aug 13, 2026 · Pending Oct 30, 2026
Deal value$4.00B
Premium49.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$20.25 per share
Transaction
- Acquirer
- Thoma Bravo
- Target
- Accelerant Holdings (ARX)
- Buyer type
- Private equity
- Offer price per share
- $20.25
- Enterprise value
- —
- Status
- Pending Oct 30, 2026
Deal protections
- Break fee (target pays)
- $137M · 3.4%
- Reverse fee (buyer pays)
- $296M · 7.4%
- Go-shop
- Go-shop
- Financing
- Committed · Morgan Stanley
Advisors
- To the acquirer
- BMO Capital Markets, Wells Fargo
- To the target
- Morgan Stanley, Houlihan Lokey
- Houlihan Lokey fee
- $3.1M
Sector context · Financials
- Comparable deals
- 80 in the prior 24 months
- Premium
- 49.0% vs. 33.0% sector median
- EV / Adj. EBITDA
- Sector median 13.7x
- Break fee
- 3.4% vs. 3.8% sector median
Timeline
- AnnouncedAug 13, 2026
- Proxy filedOct 30, 2026
- Definitive proxyPending
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Trading comparablesHoulihan Lokey$18.00$20.88
Trading comparablesHoulihan Lokey$18.66$22.20
Trading comparablesHoulihan Lokey$16.15$20.14
Trading comparablesHoulihan Lokey$14.99$18.99
Precedent transactionsHoulihan Lokey$17.28$19.85
Trading comparablesMorgan Stanley$14.25$21.50
Trading comparablesMorgan Stanley$14.00$24.75
Precedent transactionsMorgan Stanley$17.25$22.75
Future share priceMorgan Stanley$16.25$24.00
Discounted cash flowMorgan Stanley$16.25$26.00
Offer $20.25
Implied value per Accelerant Holdings share by analysis, from Houlihan Lokey and Morgan Stanley · DCF discount rate 9%–11%.