Silver Lake, a private investment firm focused on technology sector deals, in partnership with Canada Pension Plan Investment Board (CPP Investments), has completed the $12.5 billion acquisition of experience management (XM) software specialist Qualtrics.
Silver Lake, a private investment firm focused on the technology sector, in partnership with Canada Pension Plan Investment Board (CPP Investments), has completed the $12.5 billion acquisition of experience management (XM) software specialist Qualtrics.
Silver Lake and its co-investors, together with CPP Investments, have acquired 100% of the outstanding shares in Qualtrics that Silver Lake does not already own, including the entirety of SAP’s majority ownership interest.
With the completion of the transaction, Qualtrics stockholders, including SAP, are entitled to receive $18.15 in cash for each share of Qualtrics common stock they owned. Qualtrics’s common stock has now ceased trading on the NASDAQ stock exchange.
In connection with the close, Accel, a global venture capital firm, as well as merchant bank BDT & MSD Partners, and DFO Management, the family investment office of Michael Dell, have joined Silver Lake in investing in Qualtrics. Accel, which was one of Qualtrics’s earliest investors, has invested $500 million. BDT & MSD Partners and DFO Management meanwhile, have each made a co-investment of $250 million, for an aggregate commitment of $500 million.
Morgan Stanley & Co LLC acted as financial adviser to Qualtrics, and Goodwin Procter LLP acted as legal adviser. Goldman Sachs & Co. LLC acted as financial adviser to a Qualtrics committee of independent directors and Freshfields Bruckhaus Deringer US LLP acted as legal adviser. JP Morgan acted as financial adviser and Latham & Watkins LLP and Simpson Thacher & Bartlett LLP acted as legal advisors, with regard to the transaction and to the debt financing, respectively, to Silver Lake and CPP Investments.