JPMorgan Chase & Co is arranging the 1-billion-euro ($1.34 billion) loan that SAP AG is taking on to help pay for its $3.4 billion takeover of SuccessFactors , SAP co-Chief Executive Bill McDermott told Reuters. "The 1 billion will probably be paid down within about a year. That's how we usually like to do it," McDermott said in an interview on Sunday, a day after announcing the takeover.The deal, in which SAP is paying a premium of 52 percent over Friday's closing price of SuccessFactors shares, is a major push into cloud-computing services for the German business software company.McDermott also said the deal could help the company beat its 2015 revenues target of 20 billion euros by as much as 1 billion."We had cloud figured out in our 20 billion. We are now upping that 20 billion. It could easily go to 21 billion," he said.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM traded higher by 6.14% or $1.87/share to $32.33. In the past year, the shares have traded as low as $27.85 and as high as $48.36. On average, 47281100 shares of JPM exchange hands on a given day and today's volume is recorded at 90519608.
SAP AG (SAP) is engaged in enterprise applications in terms of software and software-related service revenue. Shares of SAP fell by 0.78% or $-0.47/share to $59.54. In the past year, the shares have traded as low as $47.39 and as high as $68.39. On average, 1838620 shares of SAP exchange hands on a given day and today's volume is recorded at 600531.
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