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Oracle Buying Netsuite for $9.3 Billion in Cash

Published Thursday July 28

Larry Ellison just got richer. Oracle announced today that it will buy NetSuite, the very first cloud company and co-founded by Ellison, for $109.00 per share in cash, or approximately $9.3 billion.

Shares in NetSuite closed at $108.41 on Thu up $16.84. Ellison holds a 39.8% stake in NetSuite, giving his shares a value of $3.7 billion. Ellison is also Executive Chairman of Oracle and his net worth is over $50 billion.

“Oracle and NetSuite cloud applications are complementary, and will coexist in the marketplace forever,” remarked Mark Hurd, Chief Executive Officer, Oracle. “We intend to invest heavily in both products – engineering and distribution.”

Article length: About 280 words.
Read more at Svdaily

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