Suse acquired by EQT Partners
Context
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 [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, representing a discount to the average observed in the TMT (Tech, Media, Telecom) sector (15.3x in 2023).
-> Deep-dive in TMT (Tech, Media, Telecom) market trends
Target
SUSE S.A. is a global leader in enterprise-grade open source solutions, providing essential software infrastructure to modern businesses. The company’s core business model is built around its flagship Linux Enterprise (SLE) operating system, alongside robust cloud-native management and security tools, specifically Rancher (for Kubernetes management) and NeuVector (for container security). Its value proposition centers on enabling digital transformation by providing reliable, secure, and interoperable open source technology that supports mission-critical workloads across hybrid and multi-cloud environments. The company’s strategy focuses on enabling enterprise organizations to innovate faster and maintain operational resilience. By delivering an integrated suite of open source technologies, SUSE allows its customers to manage, scale, and secure complex application ecosystems efficiently. The firm serves as a critical partner for enterprises navigating the shift toward containerization and microservices, ensuring high-availability and security in rapidly evolving digital landscapes.
Ent. Value
€1–10bn
Equity Value
[members only]
Multiples
EV / Revenue
2x–6x
EV / EBITDA
5x–12x
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with EQT Partners
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 10/2026 | EQT PARTNERS | QIAGEN | GERMANY | Diagnostic Equipment |
| 10/2026 | EQT PARTNERS | CLEANAWAY | AUSTRALIA | Collection & Recycling |
| 09/2026 | EQT PARTNERS | MCGILL AND PARTNERS | UNITED KINGDOM | Strategy & Management |
| 07/2026 | EQT PARTNERS | COPIA POWER | UNITED STATES | Solar / PV |
| 07/2026 | EQT PARTNERS | ORIKAN | AUSTRALIA | IoT & Connected Objects |
| 06/2026 | EQT PARTNERS | INTERTEK | UNITED KINGDOM | TIC (Testing, Inspection, Certification) |
| 03/2026 | EQT PARTNERS | KELDA HOLDINGS | UNITED KINGDOM | Water |
| 07/2025 | EQT PARTNERS | ADEVINTA SPAIN | SPAIN | E-commerce & Marketplaces |
| 03/2025 | EQT PARTNERS | FORTNOX | SWEDEN | ERP, HR & Finance |
| 04/2024 | EQT PARTNERS | OCEA GROUP | FRANCE | Maintenance |
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| 04/2023 | SUMMIT PARTNERS | DOCTRINE | FRANCE | Industry-Specific Software |
REFERENCES
Valuation range: EV €1–10bn
Revenue range: €450–900M
EBITDA range: €150–250M
EV/Revenue range: 2x - 6x
EV/EBITDA range: 5x - 12x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Suse by EQT Partners are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: suse
Acquirer: eqt partners
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