Silver Lake Consortium to Acquire Nasdaq-Listed Qualtrics

By Yi Wei Wong

U.S. private equity firm Silver Lake and Canada Pension Plan Investment Board have agreed to acquire experience-management software company Qualtrics International Inc. in a deal that values the Nasdaq-listed company at around $12.5 billion.

The acquisition value includes purchasing all of SAP SE's majority stake for approximately $7.7 billion, SAP said in a statement Monday.

Under the terms of the agreement, Qualtrics shareholders, including SAP, will receive $18.15 per share in cash, representing a 73% premium to the 30-day volume-weighted average price on Jan. 25, the last full trading day prior to SAP's announcement to explore a sale of its stake in Qualtrics.

Chief Executive Zip Serafin will continue to lead Qualtrics, which will remain headquartered in Provo, Utah, and Seattle, the company said.

The transaction will be financed by a mix of equity commitments from Silver Lake and its co-investors, $1.75 billion in equity from CPP Investments and $1.0 billion of debt.

Qualtrics's board of directors, a committee of independent directors and major shareholder SAP have approved the transaction.

The transaction is expected to close in the second half of 2023, after which shares of Qualtrics will be delisted from Nasdaq, the statement said.

Morgan Stanley & Co. acted as financial adviser to Qualtrics, while Barclays is advising SAP.

Write to Yi Wei Wong at [e-mail]

(END) Dow Jones Newswires

March 13, 2023 03:16 ET (07:16 GMT)

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