Oracle seals NetSuite acquisition
US software giant Oracle has sealed its US$9.3 billion acquisition of cloud computing company NetSuite.
Oracle said that a majority of shares – 53 percent – owned by eligible stockholders in the vote had been tendered.
The takeover agreement was announced in late July at a price of $109 per share, but it attracted criticism because Oracle executive chair Larry Ellison and his family own a major stake in NetSuite of nearly 40pc.
Under conditions of the deal, the transaction had to be approved by a majority of small, independent NetSuite shareholders.
The deal allows Oracle to incorporate NetSuite’s cloud-based financial management and resource planning products, strengthening its tools in the cloud.
For the 2017 fiscal first quarter ended August 31, Oracle reported total revenues of $8.6 billion, up 2pc from a year ago. Total cloud revenues shot up 59pc to $969 million. –