Actionable news
0
All posts from Actionable news
Actionable news in N: NETSUITE Inc,

Oracle To Acquire NetSuite For $9.3 Billion

Oracle Corporation ORCL disclosed Thursday that it reached a definitive agreement to buy NetSuite Inc. N, the very first cloud company. The transaction is worth at $109.00 per share in cash, or about $9.3 billion.

The companies expect the transaction to close in the current year. The company indicated the transaction closing depends on getting approvals from the regulators and tendering of a majority of NetSuite's outstanding shares in the tender offer.

Aside from that, the closing is also subject to a condition that a majority of NetSuite's outstanding shares participate in the tender offer. This excluded its executive officers or directors of NetSuite, or persons affiliated with Larry Ellison, his family members and any affiliated entities.

Oracle's CEO, Mark Hurd, commented about the acquisition, "Oracle and NetSuite cloud applications are complementary, and will coexist in the marketplace forever. We intend to invest heavily in both products – engineering and distribution."

Similarly, NetSuite's founder, CTO, and Chairman, Evan Goldberg, said, "NetSuite has been working for 18 years to develop a single system for running a business in the cloud. This combination is a winner for NetSuite's customers, employees and partners."

Oracle said the evaluation and negotiation of the transaction was led by a Special Committee of its Board consisting solely of independent directors.

© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.