The group has now sold an investment that is no longer part of its core business for a sum of billions.
(Photo: dpa)
Frankfurt The software group SAP has sold its majority stake in the data analysis company Qualtrics to the financial investor Silver Lake for $7.7 billion. The Walldorf-based Dax group announced on Monday that Silver Lake and the Canadian pension fund CPPIB had acquired the 423 million Qualtrics shares held by SAP for $18.15 each. This represents a premium of 73 percent over the average 30-day trading price before SAP announced that it was considering selling its 71 percent stake. Qualtrics has an enterprise value of around $12.5 billion.
SAP announced in January that it would sell its majority stake, worth billions, to Qualtrics. Europe’s largest software group only joined the data analysis company in 2018 and bought shares for eight billion dollars from company founder Ryan Smith in 2019.
The transaction is subject to customary regulatory approvals and is expected to close in the second half of 2023, SAP said.