NEW YORK, July 2, 2026, 10:05 EDT
- Clearwater Analytics Holdings Inc NYSE:CWAN stopped trading after the $24.55 per share take-private deal finished on June 25.
- Glazer Capital reported zero shares and 0% stake in Clearwater on a July 1 Schedule 13G, after previously being shown with 7.82 million shares in a Q1 tracker.
- The most recent quote hit $24.56, just a cent over the deal price. The NYSE trades Thursday but is shut Friday for Independence Day.
Clearwater Analytics Holdings Inc NYSE:CWAN is done trading after being taken private. Its last trade printed at $24.56, just a penny above the $24.55 per share cash buyout. Clearwater said its Class A shares are now off the NYSE after the acquisition closed June 25.
The penny difference worked out to just 0.04%. For merger-arb, the spread was all but gone. What remained was cash, deal timing, and execution frictions.
Glazer Capital LLC and Paul J. Glazer filed a fresh Schedule 13G on July 1, reporting 0 shares and 0% ownership. The filing said they “have ceased” to beneficially own over 5% of the class. The event date was June 24, just a day before Clearwater announced the deal had closed. StreetInsider.com
Glazer appeared in the name ahead of the close. According to a Q1 13F update based on public filings, the firm held 7,819,776 shares of Clearwater, up by 4,675,247 from last quarter, with the holding valued at $184.938 million as of March 31. That stake would be worth around $191.98 million at the $24.55 merger price.
| Glazer/CWAN filing trail | Reported position | Investor read |
|---|---|---|
| Q1 2026 13F tracker, March 31 | 7,819,776 shares; $184.938 million value | Big event-driven bet ahead of the close |
| Cash take-private price | $24.55 a share | Comes to about $191.98 million, using Glazer’s Q1 share count |
| July 1 Schedule 13G | 0 shares; 0% | No longer above the reporting line; doesn’t say who bought or what was paid |
The filing doesn’t specify if Glazer sold the stake on the market, took the merger payout, or went another way. That’s important since the stock price already assumed the deal would close before trading stopped.
The deal set a price point for private software M&A. Clearwater’s May 7 filing put Q1 revenue at $221.2 million, with annualized recurring revenue of $872 million and $77.4 million in adjusted EBITDA. The final deal valued the company around $8.4 billion, and about $7.4 billion in cash went to equityholders at close.
| Exit valuation check | Input | Simple multiple |
|---|---|---|
| Transaction value as a multiple of Q1 ARR | $8.4 billion divided by $872 million | 9.6x |
| Equity cash at close against Q1 ARR | $7.4 billion for $872 million | 8.5x |
| Debt at closing compared to Q1 adjusted EBITDA run-rate | $2.7 billion over $309.7 million | 8.7x |
Debt terms are in focus. Clearwater’s June 25 8-K put the buyer group’s funding at around $5.7 billion of equity and $2.7 billion in debt to finish the deal. The filing spelled out the new credit agreement: a $2.7 billion senior secured term loan, a $500 million delayed-draw term loan, plus a $325 million revolver.
Sandeep Sahai, the CEO of Clearwater, said private ownership has made it much easier to scale and build out its GenAI agentic platform. In the June 25 statement, Sahai said Clearwater built itself on a “single, real-time view” of client assets. CWAN
Clearwater said it’s asked the NYSE to halt trading and delist the shares. The company also asked for a Form 25 to be filed with the SEC. Once that’s done, Clearwater said it plans to file Form 15 to end registration of the Class A stock and stop its reporting requirements.
