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Antitrust hurdle cleared for SAP acquisition of SuccessFactors
By Chris Kanaracus | 30 Dec 2011
SAP's US$3.4 billion acquisition of SuccessFactors has passed an important regulatory step, with the US Federal Trade Commission deciding on Friday to grant early termination of the waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act, SAP announced Wednesday.
Companies involved in mergers can ask for early termination of the waiting period, but such requests are only granted if "antitrust agencies have completed their review and determined not to take any enforcement action during the waiting period," according to the FTC's website.
Also Wednesday, SAP said the companies have submitted a notice about the deal to the Committee on Foreign Investment in the United States. The CFIUS can take up to 30 days to review the deal, and then either "inform the parties that there are no national security concerns and terminate the review or initiate an investigation," which could last up to 45 days, SAP said.
The SuccessFactors purchase is also subject to other conditions, according to SAP, which has previously said it expects to close the merger in the first quarter of 2012.
SuccessFactors will provide SAP with a wide range of cloud-based human resources software as well as expertise in the cloud market. The company's CEO, Lars Dalgaard, is to be placed in charge of SAP's overall cloud strategy.
IDG News Service (Boston Bureau)
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