Permira Warburg Pincus Clearwater Analytics Merger Approved
Summary
The European Commission issued a decision under Article 6(1)(b) of Council Regulation (EC) No 139/2004 not to oppose the proposed acquisition of Clearwater Analytics Holdings, Inc. by Permira Holdings Limited and Warburg Pincus LLC. The transaction, notified on 26 March 2026, involves Permira and Warburg Pincus acquiring joint control of Clearwater Analytics, a cloud-based SaaS company providing automated investment data management software. The Commission determined the operation qualifies for simplified treatment and declared it compatible with the internal market and the EEA Agreement.
“After examination of the notification, the European Commission has concluded that the notified operation falls within the scope of the Merger Regulation and of paragraph 5(b) of the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004.”
The simplified treatment applied here indicates no horizontal or vertical overlaps were identified between the private equity portfolio companies of Permira and Warburg Pincus and Clearwater Analytics' cloud-based investment data management services. Transactions that proceed under the simplified procedure face lower regulatory burden and a shorter review timeline; parties to future concentrations should assess early whether their transaction qualifies under the same criteria.
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What changed
The European Commission issued a binding decision clearing the proposed concentration in which Permira Holdings Limited (Guernsey) and Warburg Pincus LLC (United States) will acquire joint control of Clearwater Analytics Holdings, Inc. (United States) by way of share purchase. The Commission applied the simplified treatment procedure under Article 6(1)(b) of the Merger Regulation, indicating the transaction raised no competition concerns.
The transaction parties—Permira (private equity providing investment management services), Warburg Pincus (private equity active in consumer, energy, financial services, healthcare, industrial, business services, and TMT sectors), and Clearwater Analytics (SaaS provider for investment data management)—are now free to proceed with closing. Other parties considering similar private equity acquisitions of SaaS or financial technology companies in the EU should note that joint control structures with strong presumptions of coordination may still receive streamlined clearance where no overlaps or competition concerns are identified.
Archived snapshot
Apr 24, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
Case M.12339 - PERMIRA / WARBURG PINCUS /
CLEARWATER ANALYTICS
Only the English text is available and authentic. REGULATION (EC) No 139/2004
MERGER PROCEDURE
Article 6(1)(b)
Date: 22/04/2026
In electronic form on the EUR-Lex website under document number 32026M12339
EUROPEAN COMMISSION
DG Competition
Brussels, 22.4.2026 C(2026) 2794 final
PUBLIC VERSION
Permira Holdings Limited PO Box 503, Trafalgar Court, Les Banques St Peter Port GY1 6DJ Guernsey Warburg Pincus LLC 450 Lexington Avenue New York, New York 10017 United States
Subject: Case M.12339 - PERMIRA / WARBURG PINCUS / CLEARWATER ANALYTICS Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004 ( ) and Article 57 of the Agreement on the European 1 Economic Area ( ) 2
Dear Sir or Madam, (1) On 26 March 2026, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation, by which the undertakings Permira Holdings Limited ("Permira", Guernsey) and Warburg
Pincus LLC ("Warburg Pincus", United States) will acquire within the meaning
of Article 3(1)(b) of the Merger Regulation joint control of the whole of the undertaking Clearwater Analytics Holdings, Inc. ("Clearwater Analytics", United States) by way of purchase of shares. ( ) 3 (2) The business activities of the undertakings concerned are the following:
- Permira: private equity business engaged in the provision of investment
management services to a number of investment funds,
() OJ L 24, 29.1.2004, p. 1 (the 'Merger Regulation'). With effect from 1 December 2009, the Treaty 1 on the Functioning of the European Union ('TFEU') has introduced certain changes, such as the
replacement of 'Community' by 'Union' and 'common market' by 'internal market'. The
terminology of the TFEU will be used throughout this decision. () OJ L 1, 3.1.1994, p. 3 (the 'EEA Agreement'). 2 () OJ C, C/2026/2125, 10.4.2026. 3
EUROPEAN COMMISSION
- Warburg Pincus: private equity firm active in a variety of sectors including
consumer, energy, financial services, healthcare, industrial and business services and technology, media and telecommunications,
- Clearwater Analytics: software-as-a-service company that provides
automated, cloud-based software solutions for investors to manage investment data. (3) After examination of the notification, the European Commission has concluded that the notified operation falls within the scope of the Merger Regulation and of paragraph 5(b) of the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004. ( ) 4 (4) For the reasons set out in the Notice on a simplified treatment, the European Commission has decided not to oppose the notified operation and to declare it compatible with the internal market and with the EEA Agreement. This decision is adopted in application of Article 6(1)(b) of the Merger Regulation and Article 57 of the EEA Agreement.
For the Commission
(Signed)
Anthony WHELAN
Director-General Directorate-General for Competition
() OJ C 160, 5.5.2023, p. 1 (the 'Notice on a simplified treatment'). 4
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