Oracle today announced that it has signed a ‘definitive merger agreement’ to acquire PeopleSoft for $26.50 per share, worth approximately $10.3bn (£5.4bn).
The deal has been approved by both boards of director and should be finalised by early January.
‘Today we announced both a great quarter and the agreement to acquire PeopleSoft. This merger gives Oracle even more scale and momentum,’ said Oracle CEO Larry Ellison.
‘This merger works because we will have more customers, which increases our ability to invest more in applications development and support.
‘We intend to enhance PeopleSoft 8 and develop a PeopleSoft 9 and enhance a JD Edwards 5, and develop a JD Edwards 6. We intend to immediately extend and improve support for existing JD Edwards and PeopleSoft customers worldwide.’
Oracle’s share price has remained stable at $13.28.
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