Clearwater Analytics to acquire Enfusion; $1.0B debt financing, $52.3M termination fee

Clearwater Analytics Holdings, Inc.

Merger agreement signed Jan 10, 2025; Enfusion stockholders can elect mixed, stock, or cash consideration per share.
Clearwater obtained $1.0B in new debt financing, plus cash on hand, to fund cash portion and fees; financing not a condition to closing.
Enfusion must pay a $52,325,000 termination fee if it terminates for a superior proposal or board changes recommendation.
Stockholders representing ~45% of Enfusion voting power signed support agreements to vote in favor and restrict share transfers.
Conditions include Enfusion stockholder approval, HSR clearance, and effectiveness of Form S-4; deal must close by July 9, 2025.

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