SAP closes $4.51 billion Ariba acquisition
NEW YORK (AP) — German business software maker SAP AG said Monday that it has closed its $4.51 billion acquisition of Ariba Inc., a maker of Web-based software that connects suppliers and buyers online.
The deal continues SAP's rivalry with Oracle Corp. Both companies are buying up smaller ones that, like Ariba, provide software that's hosted on remote servers, in the so-called "cloud." Cloud-based applications remove the need for businesses to install and run software in-house.
Ariba shareholders are getting $45 for each stock they own in the company. Ariba's shares were trading at $44.80 as of midday Monday. The stock will be delisted from the Nasdaq.
SAP agreed to buy Ariba in May. Ariba, based in Sunnyvale, Calif., will continue to operate independently under its current name.
Shares of SAP slid 61 cents to $70.72 in midday trading.