Oracle Co. (ORCL) said on Monday that it has agreed to acquire Cerner Corp. (CERN), an electronic medical record company, at a price of US$95 per share, with a transaction value of US$28.3 billion. The Wall Street Journal reported the news earlier.
Larry Ellison, Oracle’s Chairman and Chief Technology Officer, said: “Through collaboration, Cerner and Oracle have the ability to transform healthcare services by providing medical professionals with better information, enabling them to make better treatment decisions, and thereby provide patients Bring better treatment results.”
Oracle CEO Safra Catz said that the transaction is expected to increase Oracle’s adjusted earnings for the first full year after completion. It is expected that in the second fiscal year and beyond, it will “contribute more” to earnings. The transaction is expected to be completed in 2022.
After the news came out, Cerner’s stock price was suspended, but it rose 1% before the market. Oracle shares fell 2.6%.
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