Latham & Watkins Represents Blackstone, Apollo, KKR, and Term Loan Lenders in Medallia’s Milestone Recapitalization Agreement to Transition Ownership and Position Company for Next Era of Growth

Medallia, the global leader in customer and employee experience, announced that it has entered into a recapitalization agreement with its lenders that will strengthen its financial foundation for long-term growth. The transaction will significantly reduce Medallia’s outstanding debt and provide US$150 million of new capital, positioning the company to accelerate AI-driven innovation and customer-focused product investment. Upon completion of the transaction, Medallia will change ownership from Thoma Bravo to a lender group led by Blackstone, Apollo, and FS KKR Capital Corp (FSK). It is anticipated that the transaction will close before the end of 2026. 

Latham & Watkins LLP represents the lender group in the transaction with a team led by Stelios Saffos, Global Chair of Latham’s Capital Markets and Hybrid Capital practices, John Sobolewski, Global Chair of Latham’s Liability Management Practice, Ray C. Schrock, Global Chair of Latham’s Restructuring Practice, and partners Ryan Dahl, Peter Sluka, Joe Zujkowski, Michael Waldman, and Max Silverstein.