SAP announces agreement to acquire Tel Aviv-based WalkMe

Investing.com -- Germany's SAP (ETR:SAPG) announced on Wednesday that it had entered a definitive agreement with WalkMe (NASDAQ: WKME) to acquire the Israeli software-as-a-service group.

Shares in Tel Aviv-based WalkMe surged by more than 42% to $9.64 in premarket U.S. trading as of 05:55 EST (09:55 GMT). Germany-listed shares in SAP, meanwhile, had ticked up by 0.9%.

Under the terms of the deal, SAP will purchase WalkMe for $14.00 per share in an all-cash transaction, representing a 45% premium to WalkMe's closing price on Tuesday, according to a joint statement from the two firms. The move, which is tipped to close in the third quarter of 2024, has a total equity value of approximately $1.5 billion.

"By acquiring WalkMe, we are doubling down on the support we provide our end users, helping them to quickly adopt new solutions and features to get the maximum value out of their IT investments,” said SAP Chief Executive Christian Klein.

You May Also Be Interested In

• Take-Two shares dip as soft guidance overshadows Q1 beat ahead of GTA VI
• Castor Maritime forms joint venture, transfers bulk carrier vessel
• Glass Lewis backs LivePerson-SoundHound AI merger ahead of vote