Private equity firm EQT is exploring a potential sale of SUSE, the open-source software developer it acquired in 2023, that could value the company at up to $6 billion, according to sources cited by Reuters. The firm has hired Arma Partners to gauge interest among private equity buyers, though discussions remain at an early stage and EQT may ultimately decide against a sale.

The potential transaction would represent a significant return on EQT's investment. The firm took SUSE private in 2023 in a deal that valued the company at about €2.72 billion, or roughly $2.96 billion. A sale at the targeted valuation would deliver substantial gains in less than three years. Headquartered in Luxembourg, SUSE develops enterprise infrastructure software built on open-source Linux technology.

SUSE generates approximately $800 million in annual revenue and more than $250 million in EBITDA. Its software powers technology infrastructure for over 60% of Fortune 500 companies, including Walmart, Deutsche Bank, and Intel. The potential deal comes amid volatility in software sector M&A, with investors weighing how artificial intelligence might disrupt existing providers while also potentially driving demand for enterprise infrastructure platforms as companies deploy AI systems.