Clearwater Analytics Holdings, Inc. (CWAN) entered a merger agreement on December 21, 2025, to be acquired by a Permira and Warburg Pincus-led Investor Group, with participation from Temasek, and support from Francisco Partners, in a deal valued at $8.4 billion.
Clearwater Analytics stockholders will receive $24.55 per share in cash, representing a 10.34% premium from the stock’s last close.
Clearwater Analytics is a cloud-native SaaS provider that delivers a unified platform for investment data aggregation, accounting, reporting, and analytics, enabling institutional investors to manage public and private market portfolios in real time.
Permira is a private equity and credit investment firm that backs high-growth businesses across sectors such as technology, consumer, healthcare, and services, advising funds with approximately €80 billion (about $85 billion) in assets under management.
Warburg Pincus is a growth-focused private equity firm that partners with management teams to scale businesses across sectors, including technology, financial services, and healthcare, with over $85 billion in assets under management.
In November, Bloomberg reported that Clearwater Analytics was considering a potential sale after receiving takeover interest. The stock was trading at $18.4 when the company started working with advisers to weigh its options.
The deal is expected to close in the first half of 2026.
The deal includes a “go-shop” period ending on January 23, 2026.
PJT Partners and J.P. Morgan served as financial advisors to Clearwater, with legal advice provided by Cravath, Swaine & Moore and Kirkland & Ellis. Goldman Sachs served as the financial advisor to Permira and Warburg Pincus, while Latham & Watkins and Paul, Weiss, Rifkind, Wharton & Garrison provided legal counsel.
The acquisition cost for Permira and Warburg Pincus is 8.89 times the sales of Clearwater Analytics.
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Editor’s Note: Baranjot Kaur contributed to this article