Oracle Corporation (NYSE: ORCL) announced Thursday that it has reached an agreement to acquire the company Cloud NetSuite Inc. (NYSE: N) of $ 109.00, or about $ 9.3 billion.
“Cloud Applications Oracle and NetSuite are complementary and coexist in the market forever,” said Chief Executive Mark Hurd Orcale.
“We intend to invest heavily in both products – engineering and distribution,” he added.
It is expected that the transaction will close in 2016, but Oracle said that pending certain regulatory approvals and acceptance of the offer of a majority of the shareholders of NetSuite.
Oracle rose 1.64% to $ 41.60 in trading before marketing on Thursday, while NetSuite had closed Wednesday’s session at $ 91.57.