Oracle
Oracle Finally Acquires NetSuite For $9.3 bn/ Photo: AFP

Oracle has sealed its $9.3 billion acquisition of cloud computing company NetSuite, the US software giant confirmed Saturday.

According to the company, a majority of shares, 53 per cent, owned by eligible stockholders in the vote had been tendered. It expects the acquisition to be finalised Monday.

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The takeover agreement was announced in late July at a price of $109 per share. But it attracted criticism as the company’s executive chairman Larry Ellison and his family own a major stake in NetSuite of nearly 40 per cent.

With regard to conditions of the deal, the transaction had to be approved by a majority of small, independent NetSuite shareholders, which excluded Ellison.

To strengthen its tools in the cloud.

With the deal, Oracle is allowed 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 two percent from a year ago. Total cloud revenues shot up 59 per cent to $969 million.