SAP America yesterday signed an agreement to acquire Sybase to enable customers to become better-run "unwired enterprises." They say that, following the convergence of their systems, users will be able to harness today's explosion of data and deliver insight in real time to managers, wherever they work, so they can make faster, more informed decisions.
"This is a game-changing transaction for SAP and Sybase customers, who will be better able to connect their employees with key functionality and information from anywhere and make it easier for companies to make faster, more informed business decisions in real time," comments SAP co-CEO Bill McDermott.
Under the terms and conditions of the merger agreement, SAP America will make an all cash tender offer for all of the outstanding shares of Sybase common stock at $65.00 per share, representing an enterprise value of approximately $5.8 billion.
The per share purchase price represents a 44% premium over the three-month average stock price of Sybase. The transaction will be funded from SAP's cash on hand and a €2.75 billion loan facility arranged and underwritten by Barclays Capital and Deutsche Bank. The Sybase board of directors has unanimously approved the transaction.
McDermott says that companies will benefit from greater productivity, speed and agility to help their businesses grow. "With this transaction, SAP will dramatically expand its addressable market by making available its market-leading solutions to hundreds of millions of mobile users, combining the world's best business software with the world's most powerful mobile infrastructure platform," he says.
|