Citrix / Cloud Software Group

active

Software — Vista Equity + Elliott

Deal Terms

Entry Year2022

Entry EV$16.5B

Entry Multiple12x

Leverage6.5x

Debt Amount$15B

Risk Metrics

LTV (est.)91%

Debt / EV0.91x

Notes

$16.5B LBO. $15B debt. Three consecutive layoff rounds. $5.6B continuation fund (selling to yourself). Doubled prices for some licenses. $6.5B loan repriced in 2024.

Sponsor

Vista Equity Partners$100B AUM

Hot Potato History

2022→Vista Equity + Elliott($16.5B)

$5.6B continuation fund (2025) — selling the asset to itself