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Oracle Buys Sun Microsystems For $7.4 Billion

Oracle today announced that it has entered a buy-out agreement with Sun Microsystems for $7.4 billion dollars or $5.6 billion net of Sun's cash and debt. Oracle offered $9.50 per share in cash, much higher than the closing price of $6.69 on Friday. "We expect this acquisition to be accretive to Oracle's earnings by at least 15 cents on a non-GAAP basis in the first full year after closing. We estimate that the acquired business will contribute over $1.5 billion to Oracle's non-GAAP operating profit in the first year, increasing to over $2 billion in the second year. This would make the Sun acquisition more profitable in per share contribution in the first year than we had planned for the acquisitions of BEA, PeopleSoft and Siebel combined," said Oracle President Safra Catz.

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