NEW YORK, June 26, 2026, 11:01 EDT
- Clearwater’s $8.4 billion take-private deal wrapped up June 25. Its Class A shares have stopped trading on the NYSE.
- Shareholders got $24.55 in cash per share, a 47% premium to the undisturbed price, according to the company.
- The last quote in market data was $24.56, just a cent over the cash price, before the public listing closed.
- OCC has updated the CWAN options deliverable to $2,455 in cash per contract and moved up the later expirations to July 17.
Clearwater Analytics Holdings, Inc. (NYSE:CWAN) is sticking near its $24.55 a share cash buyout price. The stock stopped trading as the merger closed, so the rest is just cash settlement for accounts and listed options.
Clearwater said a group led by Permira and Warburg Pincus closed its $8.4 billion buyout on June 25. Francisco Partners backed the deal, with Temasek also involved. Shareholders got $24.55 per share. Clearwater’s Class A stock is now off the New York Stock Exchange, according to a press release filed with the SEC.
CWAN’s most recent quote was $24.56, just a penny over the last close and up roughly 0.04% from the cash price. Reported volume came in at 24.7 million shares. That tiny premium made the difference—regular shareholders now have a set exit price and the stock’s trading window is closed for them.
Options holders get a different setup. OCC is converting each CWAN Class A share in the contracts to $24.55 net cash, so each options contract delivers $2,455 cash now. OCC also said options with expiries past July 17, 2026 move up to a July 17, 2026, expiration date. Shorter-dated options keep their original expiration.
That’s important for event-driven funds, employees with hedges, and retail holders who still have CWAN options after that spread wound up. The live software stock trade is done. Now it’s about intrinsic value, exercise levels, and cash payout.
The deal’s capital stack spells out where the private-equity bid stands for investment-management software. Clearwater put the total cash consideration to equityholders at around $7.4 billion. The sponsor group put in about $5.7 billion in equity, and the rest—about $2.7 billion—came from debt.
The credit deal brings a $2.7 billion senior secured term loan, a $500 million delayed-draw term loan, and a $325 million revolver, bringing total facilities to $3.525 billion. With the transaction value at $8.4 billion, equity made up roughly 68% of the total, and debt about 32%.
Clearwater’s most recent quarter gives some numbers behind the deal. Revenue came in at $221.2 million for the first quarter, with adjusted EBITDA at $77.4 million. Annualized recurring revenue hit $872 million. The $8.4 billion buyout values Clearwater at about 9.6 times ARR and around 27 times annualized first-quarter adjusted EBITDA.
Clearwater CEO Sandeep Sahai said in the filed release that taking the company private would help it “focus on scaling our current platform while building a Gen AI agentic platform.” Clearwater reported it supports over $10 trillion in global assets. Securities and Exchange Commission
Clearwater told the NYSE to suspend trading and delist its Class A shares. The company said it’s planning to file Form 15 after the Form 25, ending registration and dropping Exchange Act reports. Investors won’t get the regular public updates tracking ARR, margin and integration progress after Enfusion, Beacon and Bistro.
