SAP America, Inc. entered into an agreement to acquire Qualtrics International Inc. from Smith family, Insight Venture Management, LLC and other sellers for $8 billion on November 11, 2018. Under the terms, the purchase price was paid in cash and includes unvested employee incentive compensation and cash on balance sheet at close. Ryan and Jared Smith, along with their father Scott, will collect more than $3 billion for their stake. Qualtrics will operate as an entity within SAP’s cloud business group. SAP SE has also obtained a financing of €7 billion ($7.93 billion) in respect of the transaction. The syndicated loan is arranged by J.P. Morgan. Post-acquisition, Qualtrics is expected to maintain its leadership and branding. Ryan Smith will continue to lead Qualtrics post acquisition. Qualtrics is expected to continue to maintain dual headquarters in Provo, Utah, and Seattle, Washington. The transaction is subject to customary closing conditions and attainment of regulatory clearances. The transaction has been approved by Board of Directors of SAP and Qualtrics and shareholders of Qulatrics. On December 7, 2018, the Service of the Commission for the Protection of Competition has received a notification of a concentration regarding the transaction. As on December 21, 2018, the transaction received early termination of antitrust approval waiting period from Federal Trade Commission. The transaction is expected to close in first half of 2019. Qatalyst Partners acted as financial advisor to Qualtrics International. Anthony McCusker, Lawrence Chu, Mike Russell, Alessandra Simons, Matt McCoy, Elizabeth Telefus, Kristen Gerber, John Casnocha, Ava Vilhauer, Yifan Yang, John Horton, Kelsey Lemaster, Kevin Lam, Lynda Galligan, Sarah Bock, Paul Jin, Jacqueline Klosek, Todd Hahn, Kirby Lewis, Jacob Osborn, Ai Tajima, Alexander Plaum, Victor Wang, Ben Horwitz, Alexandra Denniston, Elizabeth Chang and Sarah Tauman of Goodwin Procter, LLP acted as legal advisors to Qualtrics International. Daniel Mitz, Randi Lesnick, Cassie Arney, Dean Bachus, Rick Bergstrom, Lisa Cirando, Andrew Eisenberg, Ross Poulsen, Laura Fraedrich, Jörg Hladjk, Todd McClelland, Jeffrey Rabkin, Karsten Müller-Eising, Elizabeth Oberle-Robertson, Ansgar Rempp, Brian Selden, Undine von Diemar, Craig Waldman, Philipp Werner, Johannes Willheim, Michael Gleason, Aarthi Belani, Bobby Cardone, Mariana de Vita, Michael Zaslow, Danielle Devlin, Frances Forte, Francesca Dickson, Katherine Donaldson, Tyler Harris, Georgina Herring, Chase Kaniecki, Katherine Kargl, Nora Tillmanns, Ka-on Li, Eva Monard, Jane Murphy, Lindsey Nelson, Diego Ortega, Tanja Neumann and Sebastian Reiter of Jones Day acted as legal advisors and J.P. Morgan acted as financial advisor to SAP. Leif King, Michael Mies, Yulia Buyanin and Delford Williams IV of Skadden, Arps, Slate, Meagher & Flom, L.L.P. advised JP Morgan as financial advisor to SAP. The syndicated loan arranged by J.P. Morgan is legally advised by Johannes Tieves and Dominik Stolz of Hengeler Mueller. Thomas Neubaum, Mark Hallett and Louisa Drewniok of Allen & Overy acted as legal advisor to SAP SE. Debevoise & Plimpton LLP acted as legal advisor for Sequoia Capital. Matthew Haddad of Willkie Farr & Gallagher LLP acted as legal advisor to Qualtrics. SAP America, Inc. completed the acquisition of Qualtrics International Inc. from Smith family, Insight Venture Management, LLC and other sellers on January 23, 2019.