SAP - Qualtrics agrees to $12.5B sale to Silver Lake - report

2023-03-12 23:04:19 ET

Qualtrics International ( NASDAQ: XM ) agreed to sell itself to private equity  firm Silver Lake along with Qualtrics billionaire co-founder Ryan Smith in a $12.5 billion deal.

Silver Lake, Smith, and the Canada Pension Investment Board agreed to pay $18.15 a share the software company in a deal expected to announced on Monday morning, according to a FT report, which cited people familiar.

The deal comes after Qualtrics ( XM ) last Monday announced it  had agreed in principle to proceed with the Silver Lake offer at the proposed $18.15 a share price. The parties said at the time that they were in exclusive negotiations on a potential deal until March 15.

The Silver Lake offer comes after Qualtrics ( XM ) majority owner SAP ( SAP ) in late January said it's exploring the sale of its remaining stake in the company. SAP ( SAP ) said it was exploring a sale of its 71% stake in Qualtrics ( XM ).

Equity financing for the Silver Lake deal is expected to exceed $10 billion, while debt will be $1 billion, according to the FT.

Qualtrics ( XM ) shares skyrocketed 32% on Jan. 25 after SAP said it was exploring the sale of its stake. The Silver Lake offer represented a 73% premium to the Qualtrics share price on Jan. 25, before the news was released.

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