HedgeCo.Net — Thoma Bravo agreed Thursday to take Accelerant Holdings private in an all-cash transaction with an enterprise value of more than $4 billion, paying $20.25 a share — a 49% premium to Wednesday’s close — and ending a public listing that had lasted little more than a year. For private-equity allocators, the deal is less a trophy software buyout than a test of whether specialty-insurance “risk exchange” platforms belong in the same underwriting box as core vertical software, and whethe...
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