Oracle to buy Sun for $9.50 a share

Business software maker Oracle Corp. said Monday it has entered into a definitive agreement to buy server builder Sun Microsystems in a deal worth $7.4 billion.

Oracle (ORCL, Fortune 500) said it will buy Sun (JAVA, Fortune 500) common stock for $9.50 per share in cash, a 42% premium from Friday's closing price of $6.69.

After accounting for Sun's cash and debt, the deal's value is $5.6 billion, the companies said.

The Redwood Shores, Calif.-based Oracle said it expects Sun to contribute over $1.5 billion to its operating profit this year, and over $2 billion in the second year.

Read Full Article from CNNMoney.com

- Posted: 2009-04-20 07:35:05

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