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Thoma Bravo Nears Medallia Ownership Transfer, $5.1B Loss

4/23/2026

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Summary

Story summary

Private equity firm Thoma Bravo is close to transferring Medallia's ownership to its creditors after restructuring talks on April 22, 2026.
The move could erase about $5.1 billion in equity value for Thoma Bravo and co-investors.
Medallia will swap debt for equity, leaving shareholders with no compensation for their 2021 investment.
Some lenders attribute Medallia's struggles to internal management issues, while others cite AI concerns.

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Story summary

Private equity firm Thoma Bravo is close to transferring Medallia's ownership to its creditors after restructuring talks on April 22, 2026.
The move could erase about $5.1 billion in equity value for Thoma Bravo and co-investors.
Medallia will swap debt for equity, leaving shareholders with no compensation for their 2021 investment.
Some lenders attribute Medallia's struggles to internal management issues, while others cite AI concerns.