Investing.com – Oracle Corporation (NYSE:ORCL) announced on Thursday that it has reached an agreement to acquire the cloud company Netsuite Inc (NYSE:N) for $109.00, or approximately $9.3 billion.
"Oracle and NetSuite cloud applications are complementary, and will coexist in the marketplace forever," Orcale chief executive Mark Hurd said.
"We intend to invest heavily in both products – engineering and distribution," he added.
The transaction is expected to close in 2016, though Oracle noted that would be pending certain regulatory approvals and the acceptance of the offer from a majority of NetSuite's shareholders.
Oracle rose 1.64% to $41.60 in pre-market trade on Thursday, while NetSuite had closed Wednesday's session at $91.57.