WALLDORF, Germany, March 13,
2023 /PRNewswire/ -- SAP SE (NYSE: SAP),
today announced it has agreed to sell all of its 423 million shares
of Qualtrics International Inc. as part of the acquisition of
Qualtrics by funds affiliated with Silver
Lake (collectively, "Silver
Lake") as well as Canada Pension Plan Investment Board (CPP
Investments).
At a purchase price of US$18.15 in
cash per share, the transaction corresponds to a Qualtrics equity
value of approximately US$12.5
billion on a fully diluted basis, representing a 73% premium
over the 30-day average trading price prior to SAP's announcement
to explore a sale (approx. 62% premium relative to the unaffected
closing price on January 25, 2023).
SAP's stake will be acquired for approximately US$7.7 billion.
"Silver Lake has both the
operational expertise and the track record with software companies
to help Qualtrics extend its leadership in the XM category it
pioneered," said Christian Klein,
CEO and Member of the Executive Board of SAP SE. "Since we acquired
Qualtrics in 2019 the company has more than tripled its revenue
while delivering profitability. SAP intends to remain a close
go-to-market and technology partner, servicing joint customers and
continuing to contribute to Qualtrics' success." The number of
companies and brands using Qualtrics software has risen from 10,000
at the time of SAP's purchase to over 18,000 today.
The agreement resulted from a robust process that was initiated
on January 26 and identified the
joint proposal by Silver Lake and
CPP Investments as most attractive. The transaction has been
approved by the Qualtrics board, including a committee of
independent directors, as well as the SAP Executive and Supervisory
Boards.
While the transaction is subject to customary regulatory
clearances and expected to close in the second half of 2023, SAP's
financial results for the first quarter, due April 21, are expected to present Qualtrics as a
discontinued operation.
Barclays acted as financial advisor to SAP on the transaction,
Shearman & Sterling acted as SAP's legal advisor.
Visit the SAP News Center. Follow SAP on Twitter at
@SAPNews.
About SAP
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but not limited to the risk factors section of SAP's 2022 Annual
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