SCHEDULE 13G/A: EQT Entities Disclose 22.4% Stake in Waystar Holding Corp.

Derby LuxCo S.a r.l. and EQT Fund Management S.a r.l. have jointly filed an amendment to their Schedule 13G, revealing beneficial ownership of 22.4% of Waystar Holding Corp.'s common stock as of March 31, 2025.

Summary

• Derby LuxCo S.a r.l. and EQT Fund Management S.a r.l., both Luxembourg-based entities, have filed an amended Schedule 13G regarding their ownership in Waystar Holding Corp.
• As of March 31, 2025, the reporting persons collectively beneficially own 38,828,374 shares of Waystar Holding Corp.'s Common Stock.
• This ownership represents 22.4% of the total outstanding Common Stock of Waystar Holding Corp.
• The calculation of the percentage is based on 172,963,709 shares of Common Stock outstanding as of March 31, 2025, as reported in Waystar's Form 10-Q filed on April 30, 2025.
• Derby LuxCo S.a r.l. directly holds all 38,828,374 shares with sole voting and sole dispositive power.
• EQT Fund Management S.a r.l. may be deemed to beneficially own these shares due to its management and control over investment vehicles that constitute the majority of EQT VIII, which in turn owns 100% of Derby LuxCo S.a r.l.
• EQT VIII SCSp, one of the investment vehicles, may be deemed to have indirect rights to dividends or proceeds from 5.0% or more of Waystar's outstanding Common Stock.

Sentiment

Score: 5

Explanation: This is a factual ownership disclosure (Schedule 13G) and does not inherently convey positive or negative sentiment regarding the company's performance or outlook. It simply updates beneficial ownership information.

Future Outlook

NA

Industry Context

This filing indicates a significant, continued institutional ownership stake by EQT-affiliated entities in Waystar Holding Corp., a company operating in the healthcare technology or revenue cycle management sector. Such a substantial stake by a private equity firm like EQT suggests a long-term strategic interest in the company's performance and market position.

Stakeholder Impact

• Shareholders: The disclosure of a significant 22.4% stake by EQT-affiliated entities indicates a major institutional investor with substantial influence over Waystar Holding Corp. This could imply stability or potential strategic direction, depending on EQT's long-term intentions.
• Management: The large ownership stake by EQT may influence strategic decisions and corporate governance, as EQT Fund Management S.a r.l. has management and control responsibilities over the investment vehicles that own Derby LuxCo S.a r.l.

Key Dates

Keywords

Waystar Holding Corp., EQT, Derby LuxCo S.a r.l., EQT Fund Management S.a r.l., Schedule 13G, Beneficial Ownership, Common Stock, SEC Filing, Institutional Ownership, Investment Fund