Clearwater Analytics to acquire Enfusion for $11.25 per share in cash, stock

Clearwater Analytics (CWAN) and Enfusion (ENFN) announced their entry into a definitive merger agreement for Clearwater to acquire Enfusion. The purchase price is $11.25 per share, delivered in an approximately equal mix of cash and stock. Additionally, Clearwater will pay $30M to terminate Enfusion’s tax receivable agreement. This equates to a purchase price of approximately $1.5B. The merger agreement has been unanimously approved by a Special Committee of the Board of Directors of Enfusion, consisting of directors independent of Enfusion’s TRA holders, as well as by the Boards of Directors of both companies. Certain shareholders of Enfusion affiliated with FTV, ICONIQ and Mr. Movchan, collectively holding approximately 45% of Enfusion’s total voting power, have entered into voting and support agreements in favor of the transaction. The transaction is anticipated to close in Q2 of 2025, subject to approval by Enfusion shareholders, the receipt of required regulatory approvals, and customary closing conditions.