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Oracle to acquire Sun Microsystems for $7.4 billion

By Zee
April 20, 2009
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Oracle to acquire Sun Microsystems for $7.4 billionSun Microsystems directors have approved Oracle Corporation’s bid of $7.4 billion ($9.50 a share) or $5.6 billion after including debt.

I.B.M. recently concluded talks with Sun after I.B.M. lowered it’s offer from $10 to $9.40 a share.

Oracle Chief Executive Larry Ellison said in a statement:

“The acquisition of Sun transforms the IT industry, combining best-in-class enterprise software and mission-critical computing systems. Oracle will be the only company that can engineer an integrated system – applications to disk – where all the pieces fit and work together so customers do not have to do it themselves. Our customers benefit as their systems integration costs go down while system performance, reliability and security go up.”

The company added that the acquisition of Java “is the most important software Oracle has ever acquired.”

The deal is expected to close this summer, subject to Sun stockholder approval and other regulatory approvals.

More details to come as we get them.

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  • A survey conducted by Citigroup amongst major institutional investors provided the following insight on todays markets:
    The favored sector is Tech and this sector has held the top position over the last 12 months. Growth stocks are also a hot item of late, the market sees the economy in a more positive view for the second half ofthe year and this should bode well for growth stocks. An additional upside of 6% is expected from current market levels to the end of the year. The majority of this optimism is due to the market rally since March, investors believe the market has bottomed. Regardless of the expected drop (approximately 20%) in earnings this year, a common consensus is the rebound in 2010 will be in the double digits. I’m certain Oracle has this information in mind prior to its acquisition.
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