SAP-controlled Qualtrics accepts $12.5 billion bid from Silver Lake, CPPIB
(Reuters) – Qualtrics International said Monday it will go private after its controlling shareholder, SAP SE, approved a $12.5 billion bid from a consortium led by Silver Lake and the Canada Pension Plan Investment Board (CPPIB).
Shares of the customer survey software maker rose more than 6% to $17.60 before the bell.
SAP has accepted an offer of $18.15 per share and has said it will receive about $7.7 billion for its stake.
Reuters reported on Sunday that the year’s biggest private equity-driven buyout comes after the German software giant decided an offer was the best it could secure.
Qualtrics said earlier this month that it would negotiate on an exclusive basis with Silver Lake and CPPIB through March 15 to see if a deal can be struck.
According to Refinitiv, Silver Lake Partners, which is mostly made up of technology companies, currently owns 13.94% of Qualtrics.
In 2018, SAP bought Qualtrics for $8 billion, and three years later listed it in New York.
Video game software developer Unity Software and Alphabet Inc’s self-driving technology company Waymo are among the companies in Silver Lake’s portfolio. (Reporting by Marinmay Day in Bengaluru; Editing by Savio D’Souza and Sriraj Kaluvella)
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