Oracle buys medical records company Cerner for $28 billion

Software maker Oracle is buying electronic medical records company Cerner in an all-cash deal valued near $28.3 billion.

Oracle will pay $95 per Cerner share and the deal was expected to close next year.

Hospitals and physicians offices use Cerner software to record and share health and medical data. The companies said Monday that Cerner systems running on the Oracle Gen2 Cloud will be available 24 hours a day, every day, with the goal of having zero unplanned downtime.