EQT sells $304.5 million stake in Waystar through public offering

EQT VIII completed an underwritten public offering of 18.0 million shares of Waystar Holding Corp. (NASDAQ: WAY) common stock on September 12, 2025, generating total proceeds of $705.8 million for all selling stockholders.

EQT sold 7.8 million shares and received $304.5 million in proceeds from the transaction. The private equity firm retains 24.9 million shares of Waystar following the sale. Other stockholders sold the remaining shares in the offering.

J.P. Morgan Securities LLC served as the underwriter for the transaction. Waystar did not issue new shares or receive any proceeds from the sale of existing stockholders' shares.

The offering represents a partial exit by EQT from its investment in the healthcare technology company. The transaction was completed through an affiliate of EQT's eighth fund.

Information is based on a press release statement from EQT.

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