I think the TFA is the interesting bit.

> SUSE has committed to declare and pay an interim dividend to all shareholders [...] will be funded by SUSE through a combination of existing cash and additional borrowing [...] in the form of loans [...] to a maximum of EUR 500 million.

So EQT is asking SUSE to take its cash, borrow up to 500M EUR, pay a dividend (of which 79% goes to the PE fund). Then EQT will use (some of? All of?) that money to buy more shares. It doesn't sound like EQT is investing any new money into SUSE here.

Sounds like EQT will do well regardless of whether SUSE ends up going private. SUSE meanwhile will get another (up to) 500M of debt and lose a chunk of its cash from its balance sheet.

Hmmm... (opinions my own)