Database giant Oracle announced that it has entered into a definitive agreement to acquire all outstanding shares of BEA, a deal worth $8.5 billion.
There has been much speculation about this acquisition for months, with BEA originally voicing its desire to not be acquired. In the end, the deal was approved by both sides. Alfred Chuang, BEA's Chairman and CEO, said that both sides worked hard to ensure the best deal for BEA shareholders.
"The addition of BEA products and technology will significantly enhance and extend Oracle's Fusion middleware software suite," said Oracle CEO Larry Ellison. "Oracle Fusion middleware has an open "hot-pluggable" architecture that allows customers the option of coupling BEA's WebLogic Java Server to virtually all the components of the Fusion software suite. That's just one example of how customers can choose among Oracle and BEA middleware products, knowing that those products will gracefully interoperate and be supported for years to come."
The Board of Directors of BEA Systems has unanimously approved the transaction. It is anticipated to close by mid-2008, subject to BEA stockholder approval, certain regulatory approvals and customary closing conditions.
