M&A · Tech · Services-Prepackaged Software
Silver Lake and CPP Investments to acquire Qualtrics International Inc.
Announced Mar 12, 2023 · Closed Jun 28, 2023
Deal value$12.50BEV $12.50B
Premium62.0%To unaffected price
EV / Adj. EBITDA—8.6x EV / Revenue
ConsiderationAll cash$18.15 per share
Transaction
- Acquirer
- Silver Lake and CPP Investments
- Target
- Qualtrics International Inc. (XM)
- Buyer type
- Private equity
- Offer price per share
- $18.15
- Enterprise value
- $12.50B
- Status
- Closed Jun 28, 2023
Deal protections
- Break fee (target pays)
- $312M · 2.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Morgan Stanley
Advisors
- To the acquirer
- JPMorgan
- To the target
- Morgan Stanley, Goldman Sachs
Sector context · Tech
- Comparable deals
- 63 in the prior 24 months
- Premium
- 62.0% vs. 38.0% sector median
- EV / Adj. EBITDA
- Sector median 17.8x
- Break fee
- 2.5% vs. 3.0% sector median
Timeline
- AnnouncedMar 12, 2023
- Proxy filedApr 12, 2023
- Definitive proxyApr 24, 2023
- Shareholder vote—
- ClosedJun 28, 2023
Valuation · fairness opinions
Analyst price targetsMorgan Stanley$15.00$21.00
Analyst price targetsMorgan Stanley$13.13$18.38
Discounted cash flowGoldman Sachs$14.00$20.00
Future share priceGoldman Sachs$13.00$23.00
Future share priceGoldman Sachs$14.00$24.00
Precedent transactionsGoldman Sachs$16.00$25.00
Premiums paidGoldman Sachs$13.00$17.00
Offer $18.15
Implied value per Qualtrics International Inc. share by analysis, from Morgan Stanley and Goldman Sachs · DCF discount rate 13.3%–15.3%.