The deal will create the world’s second largest business applications software group with combined annual revenues of $2.8bn.
Through the acquisition PeopleSoft said it would expand its presence in more than 20 industries including a broad range of services, manufacturing, distribution and asset-intensive industries.
Under the deal, J.D. Edwards shareholders will receive 0.86 common shares in PeopleSoft for each outstanding J.D Edwards’ common share. The transaction is valued at around $1.7bn, based on the closing price of PeopleSoft stock on 30 May.
Craig Conway, CEO and President of PeopleSoft, said: ‘Both mid-sized and large enterprise customers will have access to the broadest suite of integrated enterprise software in the world.’
Bob Dutkowsky, CEO and president of J.D Edwards, said: ‘With PeopleSoft’s strength in the large enterprise space and service industries, combined with J.D Edwards’ position as an acknowledged leader in the mid-market and manufacturing, we will be able to serve the entire enterprise software market in a way that no other vendor can.’
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