Advent International Agrees $2.5 Billion Take-Private of Israel’s Sapiens

Private-equity firm Advent International has agreed to acquire Israeli insurance-software provider Sapiens International for about $2.5 billion in cash, the companies said on Wednesday. Shareholders will receive $43.50 a share, representing a premium of roughly 47% to Sapiens’ last Nasdaq close and about 64% to the stock’s undisturbed level on 8 August. Advent will finance the deal with around $1.3 billion of equity and the remainder in debt. The take-private transaction has been unanimously approved by Sapiens’ board and is expected to close in the fourth quarter of 2025 or early 2026, subject to shareholder and regulatory approvals. Existing shareholder Formula Systems will retain a minority stake in the company once the deal completes. Advent said it plans to accelerate Sapiens’ investment in artificial-intelligence and software-as-a-service offerings as insurers adopt new technologies to cut costs and drive growth. Upon completion, Sapiens’ shares will be delisted and the company will operate as a privately held business.