March 16, 2023 | Technology | North America | Ended

Qualtrics / Silver Lake: Deal Insights

A group of investors including Silver Lake Capital and the Canada Pension Plan Investment Board (CPPIB) has agreed to buy experience management software company Qualtrics in a take-private deal valued at $12.5bn. Under the terms of the definitive agreement, announced on 13-Mar-23, Silver Lake and CPPIB are offering $18.15 per share in cash. Qualtrics had initially disclosed a non-binding proposal from the Silver Lake-led consortium in an 8-K on 6-Mar-23 Form 8-K, confirming the price and communicating that it entered into an exclusively agreement with the group though 15-Mar-23. Earlier, on 23-Jan-23, German software giant SAP (SAP GR), the controlling shareholder of Qualtrics (70% of shares and 95.9% of voting power), announced it would explore a sale of the company. The offer price represents a 62% premium to Qualtrics’ closing price on 25-Jan-23, the last day before news of a possible deal circulated in the media. The takeover comes two years after the company’s January 2021 IPO, which saw SAP remain as Qualtrics’ controlling shareholder ...

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