Software maker SAP-owned Qualtrics International said it has received a $12.4 billion go-private offer from private equity firm Silver Lake Management and Canada Pension Plan Investment Board (CPPIB).
Germany’s SAP, the majority investor in Qualtrics with a 71 percent stake, said in January it was mulling a sale of its interest in the U.S. company as part of a restructuring. SAP had bought Qualtrics in 2019 for $8 billion from founder Ryan Smith.
The offer from Silver Lake Management and Canada Pension Plan Investment Board values Qualtrics at $18.15 per share, a premium of nearly 6 percent to the stock’s last closing price.
Qualtrics and Silver Lake have entered into an exclusivity agreement for the deal talks, which ends on March 15. Silver Lake already holds a near 4.2 percent stake in Qualtrics.