EQT Private Equity, holding approximately 79% of SUSE’s shares, initiated a voluntary public purchase offer to acquire all remaining outstanding shares. The strategic objective is to transition SUSE from a publicly traded entity on the Frankfurt Stock Exchange to a private company. This move aims to provide the company with a stable environment to focus on long-term strategic execution and operational priorities, free from the constraints of public market quarterly reporting cycles. The transaction includes a complex financial structure involving an interim dividend paid to all shareholders, which facilitates the financing of the purchase. The management and supervisory boards support this strategic shift, viewing it as an opportunity to reinforce the partnership between EQT and SUSE’s leadership team. This transaction does not involve a squeeze-out; minority shareholders may choose to remain invested in the company in a private setting if they wish, though the offer is intended to facilitate full control for the majority shareholder.

SUSE, which reported an EBITDA margin of LOGIN in 2022, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the average currently observed in the TMT (Tech, Media, Telecom) sector (12.8x).

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