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Spending tens of thousands of dollars annually on staff Christmas hampers and cash bonuses is something regional Victorian employer, Paul Butko, is only happy to splurge on.

It is a tradition the Wodonga family owned company, JC Butko Engineering, which has about 150 employees, has kept alive since 1976.

“We have got a great team and your business is only as good as your employees,” Mr Butko said.

“It is a significant cost, but our employees are definitely worth it.”

Less festive bonus season forecast

Christmas bonuses are not legislated in Australia and are given at the employer’s discretion, and experts warn, with tough economic conditions lingering, many employees yearning for a holiday bonus may be disappointed.

“Bonuses have always been tied to business performance and the reality is that many employers have been navigating tighter margins, higher operating costs and ongoing economic uncertainty,” Victorian Chamber of Commerce and Industry chief executive Sally Curtain said.

“While some organisations may not be in a position to offer the same level of bonuses as in previous years, we know that many businesses are still working hard to recognise and retain their staff in ways that are sustainable.

“As conditions improve, we expect to see more businesses re-evaluating their incentive structures, but right now the priority is keeping businesses strong and people employed.”

Australia’s unique Christmas bonus

Australia’s strong wages and some unique benefits, like annual leave loading, mean the cash Christmas bonus has not always played a strong role in the country’s workplaces, according to the University of Melbourne’s Professor of Human Resource Management, Peter Gahan.

Annual leave loading is not a universal benefit but is included in many awards, and began in the late 1960s to 1970s, primarily in manufacturing, when many workers were dependent on regular overtime but lost this pay perk during periods of leave.

Professor Gahan said the cash Christmas bonus was more typical in North America and some parts of Europe, while the separate Christmas bonus for salaried employees is a more recent development in Australia.

“Traditionally, what we have had is a Christmas bonus in the form of that annual leave loading,” Professor Gahan said.

“Probably in more professional areas, we have seen Christmas bonuses come into play as a fixed amount that might be received for people who are salaried and perhaps not covered by awards.”

He warned bonuses were a double-edged sword for companies.

“The effect of having it tends to become an expectation and then if it’s removed because of conditions in the economy generally as a discretionary element, people will feel that a lot more strongly and suppose will feel less well disposed towards their employer, and feel like there’s some breach of their psychological contract of employment,” he said.

But for those who do receive a bonus at Christmas, Professor Gahan said morale also climbs, at least temporarily.

“In the US, literally the law is silent around many of these entitlements, so it becomes really at the largesse of the employer, so people perhaps feel more positively disposed to their employer because it’s seen as a gift from their employer when it does happen rather than something that’s required by law,” he said.

Over the past few months, Zak Khire had been budgeting extra time to reach the Sadaqa Food Bank — and even more to get home.

“It’s not like five, 10 minutes. It’s almost half an hour — more than a half-an-hour walk,” he said.

Sadaqa — which is only open on weekends — had been without bus service for eight months, after OC Transpo cut route 189’s Saturday and Sunday runs back in April.

For people like Khire, who relies on transit, it was less than ideal.

But that changed on Sunday. After months of complaints from clients, and advocacy from both Sadaqa and Knoxdale-Merivale Coun. Sean Devine, route 189’s weekend service was restored, reconnecting the Colonnade Road food bank to public transit for the first time since the spring.

“I’m really appreciative of the fact that we [can] take the bus now,” said Khire. “It saves me a headache.”

Sadaqa Food Bank manager Salim Jam says the loss of service only added to his clients’ hardships, many of whom already struggle with food insecurity, mobility challenges or limited income.

“It is very important for them to at least have this peace of mind that they are not going to sleep hungry,” he said.

Some people simply couldn’t make the trip at all, Jam said. They began asking for their food to be delivered, he said, a service the food bank didn’t have the capacity to provide.

Only halal emergency food bank

Sadaqa is one of Ottawa’s five emergency food banks and the only one that provides halal food. It serves people from anywhere in the city when other food cupboards are closed, but it’s only open on Saturdays and Sundays — the same days the bus route had been cut.

Devine said that mismatched schedule made the situation urgent.

His office began working with the food bank and OC Transpo earlier this summer, after learning that clients were facing long walks or booking expensive taxi rides just to access free food.

Devine said the decision to restore the route “is not about the number of riders, but about the experience of the people who have lost that bus.”

OC Transpo ultimately agreed, restoring weekend service on Sunday. 

“Their challenges are already tough enough and this is going to make their lives a little bit easier,” said Devine.

Jam says the return of a warm bus ride, especially heading into winter, makes a real difference for families trying to put food on the table.

“This is really something wonderful for them. They feel less worried about the food at least, and that’s what we’re here for,” said Jam.

Khire agrees.

“There’s a lot of people who come to this location,” he said, adding that now, “it’s going to be easy for them.”

• Stockholders will receive $24.55 per share

BOISE, Idaho, 22 December 2025 – Clearwater Analytics (NYSE: CWAN) (“CWAN” or the “Company”), announced that it has entered into a definitive agreement to be acquired in a transaction valued at approximately $8.4 billion by a Permira and Warburg Pincus-led Investor Group (the “Investor Group”), with participation from Temasek. The Investor Group has key support from Francisco Partners. 

After a thorough process including engaging with certain strategics and financial sponsors, the Special Committee of the CWAN Board of Directors, composed entirely of independent and disinterested directors, upon the advice of its independent outside legal counsel and financial advisor, unanimously recommended this transaction. The CWAN Board of Directors subsequently approved this transaction. 
 
Under the terms of the agreement, CWAN stockholders will receive $24.55 per share in cash upon completion of the proposed transaction. The per share purchase price represents a premium of approximately 47 percent over CWAN’s undisturbed share price as of November 10, 2025, the last trading day prior to media reports regarding a potential transaction. 
 
“This deal represents a great outcome for Clearwater Analytics and our stockholders,” said Sandeep Sahai, CEO, CWAN. “It also positions us well for our next chapter of growth. Operating as a private company will empower us to invest boldly as we integrate the platforms to deliver a next-generation front-to-back solution that natively addresses alternative assets, provides industry leading risk analytics, and delivers on agentic solutions powered by our unique and proprietary database. This will allow us to continue delighting our clients across global markets. We are thrilled to have the support of Permira and Warburg Pincus.” 
 
“Both firms understand our business and the technology industry and have proven track records fostering growth for some of the largest and fastest-growing technology businesses globally. We look forward to building on our momentum and delivering advanced solutions for our clients and partners in the years ahead. I want to thank the Special Committee for the rigorous process and diligence with which they secured this outcome for our stockholders,” added Sahai.
 
“Clearwater Analytics continues to set the standard for excellence in the industry, and we are excited to invest behind the vision of creating an open, modular, front-to-back platform for institutional investment management,” said Alex Stratoudakis, Managing Director, Warburg Pincus. “We’re excited to leverage our deep financial technology expertise and partner with Permira and the CWAN team to drive the next wave of innovation and growth for the Company,” added Angel Pu Shum, Principal, Warburg Pincus. 
 
“Clearwater Analytics built a single instance, multi-tenant platform for investment accounting in an industry that was and continues to be dominated by legacy solutions. We are excited about the vision for the platform and will continue to invest in building a true front-to-back solution by integrating the industry-leading solutions from Enfusion and Beacon. The next cycle will be shaped by AI and data, and we believe the business is positioned to continue to lead through this shift,” said Andrew Young, Partner at Permira. “We are very excited to back Sandeep and his team on their AI journey and in delivering a seamlessly integrated platform,” added Alberto Riva, Managing Director at Permira. 
 
“The quality of Clearwater Analytics’ business and strength of its team are evident in the company’s growing leadership as it serves expanding segments of institutional investors across the US and Europe and, increasingly, delivers front-to-back solutions to these customers. We look forward to partnering with Warburg and Permira to drive the Company’s next phase of growth,” said Ashley Evans, Partner at Francisco Partners.
 
CWAN will continue to operate as usual during the pendency of the transaction, with the same commitment to clients, employees, and partners.
 
Certain Terms, Approvals and Timing

Following the recommendation of a Special Committee, the CWAN Board of Directors approved the merger agreement. The acquisition is subject to approval by CWAN’s stockholders (including a majority of votes cast by disinterested stockholders) and is expected to close in the first half of 2026, subject to customary closing conditions, including receipt of regulatory approvals.
 
Upon completion of the transaction, CWAN’s common stock will no longer be publicly listed on the New York Stock Exchange, and CWAN will become a privately held company.
 
The merger agreement provides for a “go-shop” period ending on January 23, 2026, during which CWAN, at the direction of the Special Committee and with the assistance of its advisors, will be permitted to actively solicit and evaluate alternative acquisition proposals, with a potential 10-day extension for certain parties that submit acquisition proposals during the initial go-shop period. There can be no assurance that this process will result in a superior proposal, and CWAN does not intend to disclose developments with respect to the go-shop process unless and until it determines that such disclosure is appropriate or otherwise required. CWAN will have the right to terminate the Merger Agreement to enter into a superior proposal, subject to the terms and conditions of the Merger Agreement.

The foregoing description of the merger agreement and the transactions contemplated thereby is subject to, and is qualified in its entirety by reference to, the full terms of the merger agreement, for which CWAN will file a Form 8-K with the Securities and Exchange Commission. 
 
Advisors

PJT Partners is serving as the exclusive financial advisor, and Cravath, Swaine & Moore LLP is serving as legal counsel, to the Special Committee of the CWAN Board of Directors. J.P. Morgan is serving as the exclusive financial advisor, and Kirkland & Ellis LLP is serving as legal counsel, to CWAN. Goldman Sachs & Co. LLC is acting as financial advisor to the Investor Group. Private Credit at Goldman Sachs Alternatives provided 100% committed debt financing to the Investor Group. Latham and Watkins LLP is serving as M&A counsel to the Investor Group. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as finance counsel to the Investor Group.