Silver Lake and Canadian pension fund bid $12bn for Qualtrics
Deal for survey software group would be one of largest this year
US private equity group Silver Lake and one of Canada’s largest pension funds have offered to buy Qualtrics for $12.4bn in what would be one of the largest deals of the year.
The potential transaction comes as SAP, Qualtrics’ majority owner, looks to divest a 71 per cent stake as part of restructuring at the German software group.
SAP acquired Qualtrics, a seller of software tools companies use to survey customers and employees, for $8bn in 2018 and listed it in the US three years later.
After notifying shareholders of its plan to divest its stake, Silver Lake, which owns a 4.1 per cent stake in Qualtrics, expressed interest in taking the Utah-based software company private last month.
Silver Lake and the Canada Pension Plan Investment Board, its partner on the proposed buyout, are offering to pay $18.15 for Qualtrics, or a 6 per cent premium to Friday’s closing share price.
The price represents a 73 per cent premium from Qualtrics trading value before SAP notified shareholders of its intention to divest its stake.