A number of deals have been put into question following COVID-19 outbreak. Carlyle just pulled out of its deal to invest in American Express’ global travel arm. Earlier Wework Softbank deal also fell through. Sycamore partners pulled out of limited brands deal as well.
Psychologically, with a $112mm termination fee, I don’t believe the board of Advent will let this deal fall through. It’s a 54B fund, this deal isn’t big enough for them to be waffling like this.