Oracle is buying Micros Systems Inc., which provides software and hardware to the hospitality and retail industries, for about $5.3 billion, the companies announced Monday, July 23, 2014.Paul Sakuma/The Associated Press
Software maker Oracle is buying Micros Systems Inc., which provides software and hardware to the hospitality and retail industries, for about $5.3-billion (U.S.).
Oracle Corp. said Monday that it will pay $68 per Micros share, a 3-per-cent premium to the company's $65.77 Friday closing price.
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, Calif. Micros Systems is headquartered in Columbia, Md.
Last week Oracle reported fourth-quarter results that missed Wall Street's expectations, hurt in part by the devaluation of Venezuela's currency.