Minneapolis-based human capital management (HCM) software provider Dayforce Inc. announced it entered into a definitive agreement to be acquired by financial sponsor Thomas Bravo in an all-cash transaction valued at approximately $12.3 billion. We expect the deal will close in early 2026. S&P Global Ratings anticipates the transaction will weaken Dayforce?s credit profile on closing because public filings indicate the new owners have committed to a combination of debt and equity financing, which could potentially lead to more aggressive financial policies than indicated by current leverage. We therefore placed our ?BB-? issuer credit rating on Dayforce on CreditWatch with negative implications. We have removed the positive outlook. We expect all Dayforce?s debt will be repaid, so we have not placed
