NEW YORK, June 25, 2026, 10:01 (EDT)
- U.S. markets were open at the dateline. NYSE core hours are 9:30 a.m. to 4 p.m. ET. Nasdaq’s list of 2026 holidays doesn’t include June 25 as a closed day.
- Clearwater Analytics Holdings, Inc. (NYSE:CWAN) ended at $24.56 on June 24, just a cent over the $24.55 cash offer. Volume hit 24.71 million shares, about 518% above its 65-day average.
- The company said in a June 22 SEC filing that it got the Australian Treasurer’s approval effective June 19. All required regulatory approvals for closing are now in place.
- Clearwater said in a June 24 study that median private-credit allocations by insurers jumped 110% since 2021 and now make up 9% of assets. The company pointed to this data as evidence of the value of its investment-data platform.
Clearwater Analytics Holdings, Inc. (NYSE:CWAN) doesn’t look like a high-volatility software stock anymore. The shares now trade like deal paper, with the spread mostly closed.
Shares finished at $24.56, just a penny more than the $24.55-per-share cash offer in the buyout deal with Permira and Warburg Pincus, along with Francisco Partners and Temasek. That price leaves a buyer roughly 4 basis points over the deal’s cash payout if it closes at the agreed terms, before fees and waiting costs.
That’s important, since the basic merger-arb play offers less now. At Wednesday’s close, there’s not much obvious spread left for anyone buying in. What’s left is mostly a call on when and whether Clearwater actually closes, not on a new valuation for the stock.
Clearwater said the closing path tightened this week after the Australian Treasurer gave the green light under FIRB rules, effective June 19. With all needed regulatory approvals now in hand, the company said it still sees the merger closing in the second quarter, but closing depends on other usual conditions.
Stockholders gave the sale their approval. At the May 6 special meeting, the tally was 205.1 million votes for the merger, 1.4 million against, and 4.2 million abstentions. Disinterested stockholders were also in favor, with 200.2 million votes for the deal.
Investors looking at what private buyers are about to pull from the public markets may find Clearwater’s fresh data worth a look. On June 24, Clearwater put out a study using holdings and transaction data across $10 trillion in institutional assets and 60 asset classes. The company said median insurer allocations to private credit are now at 9% of portfolios, which is up 110% from 2021. Corporate treasurers have boosted median allocations to 2%.
Kirat Singh, Clearwater’s president of risk and alternative assets, said private credit assets on the platform are up “nearly 20%” in two years. Matthew Vegari, who leads research, said the market is still building out the “operational and analytical infrastructure” to handle the asset class. CWAN
The Wall Street Journal reported, using Clearwater’s data, that around a quarter of life insurers in its tracking group owning private-credit fund shares also provide loans to those funds. Usually, that means $2 loaned for every $1 of owned shares. Clearwater’s clients are buying that sort of cross-holding issue to keep it internal, out of sight from public-stock scrutiny every quarter.
Clearwater CEO Sandeep Sahai called the acquisition “a great outcome” at the deal’s announcement, adding that being private will allow the company to “invest boldly.” Permira’s Andrew Young pointed to “AI and data” as key to the next phase. Warburg Pincus said it sees the deal as a play on an “open, modular, front-to-back platform” for institutional investment management. Warburg Pincus
Clearwater’s common stock is set to leave the New York Stock Exchange after the deal closes, taking the company private.
