NEW YORK, July 1, 2026 – Clearwater Analytics Holdings, Inc. (NYSE:CWAN) has been removed from the New York Stock Exchange following the completion of its $8.4 billion take-private acquisition by private equity firms Permira and Warburg Pincus. The final trade was recorded at $24.56 per share, just one cent above the $24.55 cash merger price, reflecting a negligible 0.04% spread.
The delisting took effect after the NYSE filed a Form 25 on June 25, formally removing Clearwater's Class A common stock from listing and ending its registration with the Securities and Exchange Commission. The last trade occurred on June 24, at 23:15 UTC, with the stock remaining unchanged at $24.56. At that point, the trade was past price risk and only subject to settlement.
Deal Details and Financing
The acquisition valued Clearwater at approximately $8.4 billion, with shareholders receiving $24.55 per share in cash. This represented a 47% premium over the stock's closing price on November 10, 2025, before acquisition talks were disclosed. The deal was funded with roughly $5.7 billion in equity and $2.7 billion in debt. The new credit facility includes a $2.7 billion senior secured term loan, a $500 million delayed-draw term loan, and a $325 million revolving credit facility.
Clearwater's SEC filing indicated that the cash consideration paid to equityholders at closing was about $7.4 billion. The buyout math shows a valuation of approximately 9.6 times the company's annual recurring revenue (ARR) of $872 million, based on the first quarter of 2026. Debt at closing stood at about 8.7 times annualized first-quarter adjusted EBITDA of $77.4 million.
Market Impact and Index Changes
Solactive announced that Clearwater would be removed from its relevant indexes, with its weight distributed pro rata across remaining constituents, effective at the open on June 25. Public shareholders have now exited, receiving cash for their holdings, while the new owners assume the risk and potential gains from the company's future performance under private ownership.
Clearwater CEO Sandeep Sahai stated that the company was built to provide clients with a “single, real-time view of everything they own” and noted that its generative AI initiatives will be “meaningfully enhanced by going private.”
Financial Performance
In the first quarter of 2026, Clearwater reported revenue of $221.2 million, up 74% year-over-year, with ARR reaching $872 million, an increase of 77%. Adjusted EBITDA was $77.4 million, while the company reported a net loss of $2.8 million. Sahai described the quarter as a “strong start to 2026.”
The delisting marks a significant transition for Clearwater, a software company with strong recurring revenue growth, now moving from a public listing to private ownership with a substantial debt load.
