Hg to Take OneStream Private in $6.4B All-Cash Deal
Financial software maker OneStream has agreed to be acquired by private equity firm Hg in an all-cash transaction valuing the company at approximately $6.4 billion. Under the terms of the agreement, OneStream shareholders will receive $24 per share, representing a 31% premium to the company’s closing share price on January 5, 2026, and the company will be taken private once the deal closes in the first half of 2026.
Hg will become OneStream’s majority voting shareholder, with General Atlantic remaining a significant minority investor alongside technology-focused investment firm Tidemark. An entity controlled by Hg will acquire all outstanding shares, including those held by funds managed by KKR, which took OneStream public in 2024. Hg’s investment will be made through its Saturn Fund, which focuses on large-scale software and technology-enabled businesses.
“The Office of the CFO is at a critical AI inflection point, and we believe OneStream is well positioned for this shift,” said Tom Shea, CEO of OneStream. “Through this partnership, we are able to significantly advance our AI-first go-to-market strategy and expand our Finance AI capabilities at a rapid pace.” Shea will continue to serve as CEO following the transaction, and the current leadership team will remain in place, with OneStream maintaining its headquarters in Birmingham, Michigan.
J.P. Morgan Securities LLC is acting as financial advisor and has provided a fairness opinion to OneStream, with Centerview Partners LLC also providing a fairness opinion. Wilson Sonsini Goodrich & Rosati, Professional Corporation, is serving as legal advisor and FGS Global as strategic communications advisor to OneStream. Goldman Sachs & Co. LLC is serving as exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to Hg. Jones Day is advising KKR, while Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as financing counsel to Hg. Deloitte & Touche LLP is providing financial and tax diligence, Bain & Company is leading commercial and technology diligence, and Cruxy & Company is handling product strategy diligence.