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Oracle is buying NetSuite for $9.3 billion

Reuters,Portia CroweJul 28, 2016, 18:12 IST

Oracle executive chairman Larry EllisonOracle

(Reuters) - Oracle is acquiring NetSuite, a cloud-based software services provider, in a deal valued at about $9.3 billion.

Oracle's $109 per share offer is at a 19% premium to Netsuite's Wednesday close.

"Oracle and NetSuite cloud applications are complementary, and will coexist in the marketplace forever," Oracle CEO Mark Hurd said in a statement. "We intend to invest heavily in both products - engineering and distribution."

Oracle's cofounder, executive chairman, and chief technology officer, Larry Ellison, holds a roughly 45% share in NetSuite together with his family, according to Bloomberg.

The deal is expected to close later this year, pending shareholder and regulatory approval.

(Reporting by Anya George Tharakan in Bengaluru; Editing by Anil D'Silva)

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