Silver Lake to buy Germany’s Software AG in $2.42-billion deal

Private fairness agency Silver Lake has provided to purchase Software AG in a deal that values the German business software program developer at €2.2 billion ($2.42 billion).

The provide value of €30 per share in money by Silver Lake-controlled Blitz 22-449 SE represents a premium of 53% to Software AG’s closing value of €19.59 on Thursday.

In February 2022, Silver Lake had invested €344 million euros within the software program developer’s convertible bond, which upon conversion would symbolize almost 9% of issued Software AG shares, the corporate stated in an announcement.

Software AG Foundation, an impartial charitable basis that can be the principal shareholder in Software AG, will promote a 25.1% stake within the firm to Silver Lake.

The provide is topic to a minimal acceptance threshold of fifty% of all excellent Software AG shares plus one share, together with the stake.

Software AG stated its board and the takeover committee are “highly supportive” of the provide and intend to advocate it to the corporate’s shareholders.

The basis will proceed to personal 5% of the corporate’s inventory, the PE agency stated in an announcement.