German business software supplier SAP has moved closer to acquiring the remaining shares of SAP Systems Integration(SAP SI) after Software agreed to sell its 3.6% stake in the IT service provider.
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Software will receive €20.40 per share for its 1.27 million shares in SAP SI. The transaction will be completed within the next few days.
The agreement with Software brings SAP's total ownership of SAP SI to around 74%, according to SAP SI spokesman Stephan Kahlhöfer.
By the end of the April or early May, SAP plans to make an offer to SAP SI shareholders holding the remaining shares.
"As far as we know, around 60% of these shareholders are private investors and the remaining 40% are institutional investors," he said.
On 24 March, SAP announced its intention to take over the systems integrator completely and merge the company with its own consulting unit.
SAP's latest NetWeaver integration platform is driving the acquisition, said Kahlhöfer.
Traditionally, SAP SI has focused on systems integration, while SAP's consulting unit has concentrated on implementation. But with NetWeaver, SAP has now moved into systems integration, creating a competitive situation. As a result, SAP decided to bring the two units together and create one face to the customer.
John Blau writes for IDG News Service