Aug 13 (Reuters) - Accelerant said on Thursday that private equity firm Thoma Bravo will take the insurance marketplace private in an all-cash deal worth more than $4 billion, just over a year after its New York listing.
Shareholders of Atlanta-based Accelerant will receive $20.25 per share in cash, representing a 49% premium over its previous closing price. Its shares jumped 44% premarket.
The deal, expected to close in the first half of 2027, will end Accelerant's short stint as a listed company
and allow it to focus on the business away from public market pressures.
Accelerant's stock has struggled over the past year, trading well below its initial public offering of $21 per share.
"We believe it is a good outcome, considering the extreme volatility in the market and the disconnect between the company's fundamentals and the share price," RBC analyst Rowland Mayor said.
Founded in 2018 by a group of industry veterans, Accelerant operates as an insurance marketplace connecting niche underwriters with institutional investors, using data to make the process faster and cheaper.
"Accelerant has built something rare in specialty insurance," said Matt LoSardo, a principal at Thoma Bravo.
Thoma Bravo, a software-focused investment firm managing more than $172 billion in assets as of March 31, has invested in insurance technology and data businesses for years.
Last year, Thoma Bravo's Nearmap bought itel, an insurance technology firm focused on property and casualty claims services, for over $1.3 billion.
Accelerant shareholders will receive a ticking fee accruing at a rate of 6% per annum if the deal's closing is delayed by pending insurance regulatory approvals.
Buyout firm Altamont Capital Partners, Accelerant's largest investor, and the company's founders plan to retain equity ownership alongside Thoma Bravo.
Morgan Stanley advised Accelerant's board, Houlihan Lokey acted as an adviser to the special committee that reviewed the deal, while BMO Capital Markets and Wells Fargo advised Thoma Bravo.
(Reporting by Arasu Kannagi Basil and Pragyan Kalita in Bengaluru; Editing by Vijay Kishore)
