Silver Lake’s $12.5 Billion Qualtrics Deal Lawsuit Dismissed

A Delaware judge has dismissed a shareholder challenge to Qualtrics International Inc.'s $12.5 billion private equity sale by German software giant SAP SE to affiliates of Silver Lake Group LLC.

The Qualtrics deal closed in June 2023; Silver Lake wasn’t named as a defendant in the consolidated litigation.

Former investors in the survey software company challenged the decision to accept Silver Lake’s bid instead of a higher bid from fellow private equity firm Thoma Bravo LP, reportedly amid antitrust concerns about Thoma Bravo.

Though the investors painted a picture of “animosity” between SAP and Thoma Bravo, the rest of the ...