Oracle to buy Sun for $7.4 billion dollars
Oracle, not IBM, will be buying Sun Microsystems.
Oracle and Sun announced Monday that they have entered into a definitive agreement under which Oracle will acquire Sun common stock for $9.50 per share in cash. That puts the value of the transaction at about $7.4 billion, or $5.6 billion net of Sun’s cash and debt.
Sun made its name as a supplier of server hardware during the dot-com heyday, but its best-known technology is software: the Java programming language. In the Monday morning announcement, the two companies said that Java is the “most important software Oracle has ever acquired.”
Sun’s board has unanimously approved the transaction. The deal is expected to close this summer, subject to Sun stockholder approval, regulatory approvals, and closing conditions.