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.