After all the talk in the past weeks regarding the failed deal between IBM and Sun Microsystems, it turns out the tech company had another (more successful) suitor: Oracle.
Oracle and Sun Monday said they had struck a deal worth $7.4 billion, or $5.6 billion net of Sun's cash and debt. Under the terms, Oracle will acquire Sun common stock for $9.50 per share in cash.
The arrangement would provide Oracle ownership of Java and Solaris and give Oracle control of MySQL database software.
The Java brand has great visibility in the industry, and is considered by Oracle to be "the most important software the vendor has ever acquired," according to a satement. Oracle Fusion Middleware is built on top of Sun's Java language and software.
Sun's Solaris operating system is the leading platform for the Oracle database, which is Oracle's largest business. Through the buyout, Oracle would be able to optimize its database for some of the unique, high-end features of Solaris.
"Oracle and Sun have been industry pioneers and close partners for more than 20 years," said Sun Chairman Scott McNealy in a statement. "This combination is a natural evolution of our relationship and will be an industry-defining event."
Sun Microsystems' board approved the transaction. It is anticipated to close this summer, subject to Sun shareholder approval, certain regulatory approvals and customary closing conditions.
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