Oracle plans to acquire NetSuite for $9.3 billion

July 28, 2016 1:22 PM

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The software giant, which has its own growing cloud computing business, is making a $9.3 billion bid to acquire NetSuite, another cloud software company, the companies said Thursday.

Oracle will pay $109 in cash per NetSuite share in the transaction, expected to close in 2016, a 19% percent premium to NetSuite's closing share price of $91.57 Wednesday. NetSuite's board has unanimously approved the deal, the company said.

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