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Oracle Buys Sun

Oracle Buys Sun
By Reuters
2009-04-20

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After weeks of rumors that IBM and various other major IT companies would buy the troubled maker of high-end hardware and the ubiquitous Java, Oracle Corp. announced this morning that it will buy Sun Microsystems, according to sources cited by Reuters.

NEW YORK (Reuters) - Oracle Corp (ORCL.O) said on Monday it will buy Sun Microsystems Inc (JAVA.O) for $9.50 a share, valuing the high-end computer server maker at more than $7 billion.

The surprise announcement from the two companies comes after deal talks between IBM (IBM.N) and Sun fell apart earlier this month, and sources with knowledge of the matter had said Sun had turned down IBM's offer to pay up to $9.40 a share.

Sun shares jumped 37.5 percent to $9.20 in premarket trading, while Oracle shares fell 4.5 percent to $18.34.

The price of $9.50 a share values Sun at about $7.1 billion based on about 745 million shares outstanding, according to Sun's latest regulatory filings.

The companies said in a statement the transaction is valued at about $7.4 billion, or $5.6 billion net of cash and debt.

(Reporting by Tiffany Wu; Editing by Derek Caney)

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