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.
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.