http://money.cnn.com/2009/04/20/technology/Oracle_Sun/?postversion=2009042008
wonder what this means for ZFS and Apple, if anything.
NEW YORK (CNNMoney.com) -- 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.
On a per share basis, Oracle expects Sun "to be accretive" to its adjusted earnings by at least 15 cents in the first full year after closing. The deal is expected to close this summer, Oracle said.
The announcement comes after Sun reportedly rejected a $7 billion buyout offer from IBM (IBM, Fortune 500) earlier this month.
"The acquisition of Sun transforms the IT industry," said Oracle chief executive Larry Ellison, in a statement. "Our customers benefit as their systems integration costs go down while system performance, reliability and security go up."
Oracle said it sees "strategic customer advantages" to owning two of Sun's most popular software products: the programming language Java and the Solaris operating system.
"This is a fantastic day for Sun's customers, developers, partners and employees across the globe," said Jonathan Schwartz, Sun's chief executive. "Joining forces with the global leader in enterprise software to drive innovation and value across every aspect of the technology marketplace."
The deal is subject to Sun stockholder approval, certain regulatory approvals and customary closing conditions. To top of page
wonder what this means for ZFS and Apple, if anything. NEW YORK (CNNMoney.com) -- 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.
On a per share basis, Oracle expects Sun "to be accretive" to its adjusted earnings by at least 15 cents in the first full year after closing. The deal is expected to close this summer, Oracle said.
The announcement comes after Sun reportedly rejected a $7 billion buyout offer from IBM (IBM, Fortune 500) earlier this month.
"The acquisition of Sun transforms the IT industry," said Oracle chief executive Larry Ellison, in a statement. "Our customers benefit as their systems integration costs go down while system performance, reliability and security go up."
Oracle said it sees "strategic customer advantages" to owning two of Sun's most popular software products: the programming language Java and the Solaris operating system.
"This is a fantastic day for Sun's customers, developers, partners and employees across the globe," said Jonathan Schwartz, Sun's chief executive. "Joining forces with the global leader in enterprise software to drive innovation and value across every aspect of the technology marketplace."
The deal is subject to Sun stockholder approval, certain regulatory approvals and customary closing conditions. To top of page
