On March 13, 2023, Qualtrics, the pioneer in experience management (XM) software, was acquired by Silver Lake, in partnership with Canada Pension Plan Investment Board (CPP Investments), in a transaction valued at approximately US$12.5 billion (CAD 16.5 billion). The all-cash deal saw Silver Lake and CPP Investments acquire 100% of Qualtrics’ outstanding shares, including SAP’s majority stake. Qualtrics shareholders received US$18.15 per share, a 73% premium to the 30-day average price before SAP’s sale announcement. Upon completion, Qualtrics will become a privately held company, continuing its growth under CEO Zig Serafin. The company will maintain its headquarters in Provo, Utah, and Seattle, Washington.

The transaction was financed through equity commitments from Silver Lake and co-investors, along with US$1.75 billion from CPP Investments and US$1 billion in debt. Morgan Stanley & Co. LLC and Goodwin Procter LLP advised Qualtrics, while Barclays Capital Inc. and Shearman & Sterling LLP advised SAP. Goldman Sachs & Co. LLC and Freshfields Bruckhaus Deringer US LLP advised Qualtrics’ independent directors. Silver Lake was advised by J.P. Morgan, Latham & Watkins LLP, and Simpson Thacher & Bartlett LLP. The transaction, pending regulatory approvals, was expected to close in the second half of 2023.