(Bloomberg) -- Oracle Corp., eager to boost its cloud-services strategy amid intensifying competition, agreed to buy NetSuite Inc. for about $9.3 billion.

The offer of $109 a share in cash is a 19 percent premium to NetSuite’s closing share price Wednesday of $91.57. It will be immediately accretive to Oracle’s earnings on an adjusted basis, in the full fiscal year after closing, Oracle co-Chief Executive Officer Safra Catz said in statement Thursday.

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