Oracle acquiring NetSuite for US$9.3B

by The Associated Press July 28, 2016

Research & Development Sales & Marketing Technology / IIoT

Oracle's CEO says the two companies' cloud platforms are complementary

NEW YORK—Oracle is buying cloud company NetSuite in a deal valued at about $9.3 billion.

Oracle CEO Mark Hurd said in a statement on Thursday that the two company’s cloud applications are complementary.

“We intend to invest heavily in both products—engineering and distribution,” he said.

NetSuite Inc. stockholders will receive $109 per share, a 62 per cent premium to the company’s Wednesday closing price of $67.42.

The transaction is expected to close this year.

Oracle Corp.’s stock rose 80 cents, or 2 per cent, to $41.73 in premarket trading.

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