Clearwater Analytics Holdings, Inc. (NYSE:CWAN) has officially ceased trading on the New York Stock Exchange following the completion of its $8.4 billion take-private acquisition. The deal, which closed on June 25, 2026, saw shareholders receive $24.55 per share in cash, representing a 47% premium over the company's undisturbed stock price. The final trade on the NYSE was recorded at $24.56, just one cent above the cash consideration, before the public listing was suspended.
Deal Structure and Valuation
The buyout was led by a consortium including Permira, Warburg Pincus, Francisco Partners, and Temasek. The total cash consideration to equity holders was approximately $7.4 billion, with the sponsor group contributing about $5.7 billion in equity. The remaining $2.7 billion was financed through debt, including a $2.7 billion senior secured term loan, a $500 million delayed-draw term loan, and a $325 million revolving credit facility, bringing total debt facilities to $3.525 billion. The transaction valued Clearwater at roughly 9.6 times its annualized recurring revenue of $872 million and approximately 27 times its annualized first-quarter adjusted EBITDA of $77.4 million.
Options Settlement Details
The Options Clearing Corporation (OCC) has updated the deliverable for CWAN options contracts. Each contract now represents $2,455 in cash, reflecting the $24.55 per share payout multiplied by the standard 100-share contract multiplier. Options with expiration dates beyond July 17, 2026, have been accelerated to that date, while shorter-dated options retain their original expiration. This transition is critical for event-driven funds, hedged employees, and retail investors still holding CWAN options.
Market Implications
With the delisting complete, Clearwater's Class A shares are no longer publicly traded. The company has requested the NYSE to suspend trading and will file a Form 15 with the Securities and Exchange Commission to terminate its registration and cease public reporting obligations. Investors will no longer receive quarterly updates on key metrics such as annualized recurring revenue, margins, or integration progress from recent acquisitions like Enfusion, Beacon, and Bistro.
Company Background
Clearwater Analytics provides investment management software, supporting over $10 trillion in global assets. In the first quarter, the company reported revenue of $221.2 million and adjusted EBITDA of $77.4 million. CEO Sandeep Sahai stated that going private will enable the company to focus on scaling its platform and building a generative AI agentic platform, away from the pressures of quarterly earnings reports.
What This Means for Investors
For shareholders who tendered their shares, the exit price is set at $24.55. The small premium seen in the final trade suggests the market had fully priced in the deal. Options holders must now focus on intrinsic value and exercise levels, as the cash settlement removes any further stock price exposure. The deal underscores the growing trend of private equity taking public software companies private, particularly those with strong recurring revenue models and strategic growth potential.
