The European Commission Tuesday cleared German business software company SAP (SAP) to buy U.S. software vendor Sybase (SY).

The deal is SAP's largest since its 2007 $6.8 billion buy of Business Objects SA. It comes as the company attempts to keep pace with competitor Oracle Corp. (ORCL) in the business software market.

The two companies agreed last year to a deal in which Sybase builds all mobile applications for SAP. In March, SAP released an application for mobile workers to respond to alerts and complete certain tasks through an email inbox.

Under the terms of the deal, SAP will pay $65 per Sybase share, for a total of $5.8 billion. The company took out a EUR2.75 billion loan from Deutsche Bank (DB) and Barclays Capital (BCS) to finance the acquisition, said people familiar with the deal in May.

-By David Tidmarsh, Dow Jones Newswires; +32 (0)2 741 1 489; david.tidmarsh@dowjones.com
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