Oracle buying Micros Systems for about $5.3B
Jun. 23, 2014
REDWOOD SHORES, Calif. (AP) — Software maker Oracle is buying Micros Systems Inc., which provides software and hardware to the hospitality and retail industries, for about $5.3 billion.
Oracle Corp. said Monday that it will pay $68 per Micros share, a 3 percent premium to the company's $65.77 Friday closing price.
Shares of Micros gained $1.43, or 2.2 percent, to $67.20 in premarket trading Monday.
Oracle said the acquisition will extend its offerings by combining Micros' industry-specific applications with its business applications, technologies and cloud portfolio.
Oracle expects the deal to immediately add to its adjusted earnings. Its stock climbed 18 cents to $41 before the market opened.
Micros' board unanimously approved the transaction, which is expected to close in the second half of the year.
Oracle is based in Redwood Shores, California. Micros Systems is headquartered in Columbia, Maryland.
Last week Oracle reported fourth-quarter results that missed Wall Street's expectations, hurt in part by the devaluation of Venezuela's currency.