---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-004935"
form_type: "8-K"
ticker: "CWAN"
cik: "0001866368"
company_name: "Clearwater Analytics Holdings, Inc."
filed_at: "2025-01-13T23:59:59+00:00"
generated_at: "2026-05-28T03:53:08.867023+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-004935
- form_type: 8-K
- ticker: CWAN
- cik: 0001866368
- company_name: Clearwater Analytics Holdings, Inc.
- filed_at: 2025-01-13T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1866368/000119312525004935/0001193125-25-004935-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1866368/000119312525004935/d921635d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-004935
- JSON: https://secwatch.observer/filing/0001193125-25-004935.json
- Plain text: https://secwatch.observer/filing/0001193125-25-004935.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.