MoneyWatch Tech

Oracle buying NetSuite in deal valued at about $9.3B

/ AP

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NEW YORK - Oracle (ORCL) is buying cloud company NetSuite (N) in a deal valued at about $9.3 billion.

Oracle CEO Mark Hurd said in a statement on Thursday that the two companies' cloud applications are complementary.

"We intend to invest heavily in both products -- engineering and distribution," he said.

NetSuite Inc. stockholders will receive $109 per share, a 62 percent premium to the company's Wednesday closing price of $67.42.

The transaction is expected to close this year.

Oracle Corp.'s stock rose 80 cents, or 2 percent, to $41.73 in premarket trading.

First published on July 28, 2016 / 9:36 AM EDT

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