Oracle buying NetSuite in deal valued at about $9.3B

NEW YORK - Oracle (ORCL) is buying cloud company NetSuite (N) in a deal valued at about $9.3 billion.

Oracle CEO Mark Hurd said in a statement on Thursday that the two companies' cloud applications are complementary.

"We intend to invest heavily in both products -- engineering and distribution," he said.

NetSuite Inc. stockholders will receive $109 per share, a 62 percent premium to the company's Wednesday closing price of $67.42.

The transaction is expected to close this year.

Oracle Corp.'s stock rose 80 cents, or 2 percent, to $41.73 in premarket trading.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.