Silver Lake Technology Management, L.L.C. made an offer to acquire Software Aktiengesellschaft (XTRA:SOW) from Software AG Stiftung, Rocket Software International (Uk) Limited and other shareholders for €2.2 billion on April 21, 2023. The offer price is €30 cash per share. As of May 4, 2023, offer price has been extended to €32 cash per share. The Offer is subject to an acceptance threshold of 50 percent plus one share and further customary conditions, including regulatory clearances. As of April 28, 2023 Silver Lake said in a regulatory disclosure that it had acquired a 5% stake in Software AG at or below its acquisition bid of €30 per share from existing shareholders. The transaction is fully funded with equity and debt financing in place. As of June 13, 2023, Silver Lake today waived the minimum acceptance threshold of its voluntary public tender offer for all outstanding shares, Silver Lake has acquired 31% stake. The offer period has been extended to June 28, 2023.

PJT Partners is acting as financial advisor and Christian Vogel, Dominik Heß, George Hacket, Bettina Steinhauer, Marc Besen, Dimitri Slobodenjuk and Stefan Simon Clifford Chance is acting as legal advisor to Software AG. Gleiss Lutz is acting as legal advisor to the Supervisory Board. In light of Silver Lake's role on the Supervisory Board, Christian Lucas and James Whitehurst have recused themselves from the process and an independent Takeover Committee consisting of Madlen Ehrlich, Oliver Collmann and Ursula Soritsch-Renier has been created. JPMorgan Chase & Co. acted as financial advisor for Silver Lake Technology Management, L.L.C. €1 billion of debt financing committed by JP Morgan. James R. Howe, Chris Vallance and Katherine M. Krause,Kenneth Wallach, Hui Lin and Jonathan Lindabury, Sinéad O'Shea and Shahpur Kabraji, Jonathan Karen and Jordan Cross, and Étienne Renaudeau of Simpson Thacher & Bartlett LLP acted as legal advisor to Silver Lake Technology Management. Allen & Overy LLP acted as legal advisor to Software Aktiengesellschaft.