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Oracle to buy BEA

06 February 2008

Oracle has entered into a definitive agreement under which it will acquire all outstanding shares of BEA for $19.375 (approximately €13.049 or £9.744) per share in cash.

The offer is valued at approximately $8.5 billion, or $7.2 billion net of BEA’s cash on hand of $1.3 billion.
Safra Catz, president and chief financial officer of Oracle, said: ‘We expect this deal to be accretive to Oracle’s earnings by at least 1-2 cents on a non-GAAP basis in its first full year after closing’.

Larry Ellison, CEO of Oracle, said: ‘The addition of BEA products and technology will significantly enhance and extend Oracle’s Fusion middleware software suite.’

‘Over the past several months our board of directors, with the assistance of independent financial and legal advisors, has reviewed various ways to maximise stockholder value, including engaging in discussions with third parties about a possible sale of the company,’ said Alfred Chuang, chairman and CEO of BEA.
‘BEA is a pioneer in middleware, and this combination recognises the innovation and customer success the company has achieved,’ said Charles Phillips president of Oracle.

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.


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