Silver Lake And Partner To Takeover Qualtrics At 62% Premium; To Cease Trading Post Deal
Silver Lake, in partnership with Canada Pension Plan Investment Board, agreed to acquire Qualtrics International Inc (NASDAQ: XM) for $12.5 billion.
Qualtrics shareholders, including SAP SE (NYSE: SAP), will receive $18.15 per share in cash, implying a 62% premium to the January 25, 2023 closing price, the last full trading day before SAP's announcement to explore a sale of its stake in Qualtrics.
Silver Lake and its co-investors and CPP Investments will acquire 100% of the outstanding shares Silver Lake does not already own, including the entirety of SAP's majority ownership interest.
Qualtrics's common stock will cease to list on any public market upon the transaction. Qualtrics will become an independent, privately held company.
Qualtrics will continue to be led by CEO Zig Serafin, and the company will remain headquartered in Provo, Utah, and Seattle, Washington.
The transaction is fully financed by equity commitments from Silver Lake and co-investors, with $1.75 billion in equity from CPP Investments and $1 billion in debt.
The transaction will likely close in the second half of 2023.
Price Action: XM shares are up 6.53% at $17.63 premarket on the last check Monday.
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This article Silver Lake And Partner To Takeover Qualtrics At 62% Premium; To Cease Trading Post Deal originally appeared on Benzinga.com
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