January 16. 2008 - Oracle Corporation and BEA Systems entered into a definitive agreement under which Oracle will acquire all outstanding shares of BEA.
The offer is valued at approximately $8.5 billion, $7.2 billion net of BEA's cash on hand of $1.3 billion.
"Our joint customers have consistently suggested this deal for more than three years," said Charles Phillips, Oracle's president. "This transaction will accelerate the adoption of Java-based middleware technologies and SOA, advance innovation in enterprise applications infrastructure software, extend our strategic relationships with customers and partners and increase our penetration in key regions like China."
The board of directors of BEA Systems unanimously approved the transaction, which is anticipated to close by mid-2008.
"Over the past several months, our board of directors, with the assistance of independent financial and legal advisors, has reviewed various ways to maximize stockholder value, including engaging in discussions with third parties about a possible sale of the company," said Alfred Chuang, BEA's chairman and CEO. "This transaction is the culmination of that diligent and thoughtful process, and we believe it is in the best interests of our shareholders."
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