SUNNYVALE, Calif. (AP) — Ariba Inc. said Wednesday that its shareholders approved SAP AG’s proposed $4.59 billion acquisition of the company, and the deal is expected to close in the fourth quarter.
Regulators must still approve the sale.
The German business software maker said in May that it would pay $45 per share for Sunnyvale, Calif.-based Ariba, which makes Web-based software that connects suppliers and buyers online. Ariba has 102.1 million shares outstanding.
Ariba’s revenue grew almost 40 percent to $444 million in its latest fiscal year. SAP has said the deal should add to its adjusted profit in 2013.
Ariba shares rose 2 cents to $44.62 in afternoon trading.