SAP to Acquire Concur Technologies
“The combination of Concur and SAP will bring together the leading cloud-based Travel and Expense platform with the market leading enterprise application software company,” said Steve Singh, the company’s CEO. “We expect this union to drive significant value for our customers.”
The deal, which is expected to close in late 2014 or early 2015 following regulatory approval, offers a 20% premium to Concur’s closing price on Thursday. Once the deal has closed, Concur is expected to operate as part of SAP.
SAP said it is using a credit facility of up to €7 billion ($9.04 billion) for the purchase, debt refinancing, and acquisition-related costs.
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