Oracle is buying NetSuite for $9.3 billion

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Larry Ellison

Oracle

Oracle cofounder, executive chairman and chief technology officer Larry Ellison.

(Reuters) - Oracle is acquiring NetSuite, a cloud-based software services provider, in a deal valued at about $9.3 billion.

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Oracle's $109 per share offer is at a 19% premium to Netsuite's Wednesday close.

"Oracle and NetSuite cloud applications are complementary, and will coexist in the marketplace forever," Oracle CEO Mark Hurd said in a statement. "We intend to invest heavily in both products - engineering and distribution."

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Oracle's cofounder, executive chairman, and chief technology officer, Larry Ellison, holds a roughly 45% share in NetSuite together with his family, according to Bloomberg.

The deal is expected to close later this year, pending shareholder and regulatory approval.

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(Reporting by Anya George Tharakan in Bengaluru; Editing by Anil D'Silva)

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