Overview
- Clearwater shareholders will receive $24.55 per share in cash, a 47% premium to the undisturbed Nov. 10 price.
- A consortium led by Permira and Warburg Pincus is financing the transaction with 100% committed debt from Goldman Sachs Private Credit, with participation from Francisco Partners and Temasek.
- A special committee of independent directors unanimously recommended the deal and the board approved it, with a go-shop period through January 23, 2026 and closing targeted in the first half of 2026 subject to shareholder and regulatory clearances.
- Clearwater shares rose roughly 7% to 8% in premarket and early trading following the announcement, moving closer to the offer price.
- The announcement follows activist pressure from Starboard Value, while law firm Wohl & Fruchter has opened a fairness review citing potential conflicts and higher pre-announcement analyst targets.