Silver Lake, CPPIB near $12.4 bln deal to buy Qualtrics - sources

Qualtrics International

13/03/2023 01:28

By Anirban Sen
       NEW YORK, March 12 (Reuters) - An investor consortium
led by Silver Lake and Canada Pension Plan Investment Board
(CPPIB) is in advanced talks to acquire Qualtrics International
Inc  XM.O  in a deal that will value the customer survey
software maker at about $12.4 billion, people familiar with the
matter said on Sunday.
    The deal, this year's biggest buyout led by private equity
so far, comes after Qualtrics's controlling shareholder, German
software giant SAP SE  SAPG.DE , decided that the consortium's
$18.15-per-share offer was the best it could secure, the sources
said.
    An agreement could be announced as soon as this week, the
sources said, requesting anonymity because the discussions were
confidential. 
    Qualtrics declined to comment. CPPIB and private equity firm
Silver Lake did not immediately respond to requests for comment.
    Qualtrics said earlier this month it would negotiate on an
exclusive basis with Silver Lake and CPPIB until March 15 to see
whether a deal could be finalized. 
    Financing for large leveraged buyouts has been tough to put
together over the past year as debt has become more expensive
and less available amid high interest rates and concerns about a
potential economic slowdown. 
    Silver Lake currently holds a 4.1% stake in Qualtrics. 
    In 2018, SAP bought Qualtrics for $8 billion and three years
later listed it in New York.

 (Reporting by Anirban Sen in New York; Editing by Bradley
Perrett)
 ((Anirban.Sen@thomsonreuters.com; Twitter: @asenjourno; Reuters
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