Monday, October 24, 2016
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Oracle buying NetSuite in deal valued at about $9.3B 
This July 2, 2007, file photo shows the Netsuite logo on a wall inside NetSuite Inc. headquarters in San Mateo, Calif. (AP Photo/Paul Sakuma, File)
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Oracle is buying cloud company NetSuite in a deal valued at about $9.3 billion.

Oracle CEO Mark Hurd said in a statement on Thursday that the two company's cloud applications are complementary.

"We intend to invest heavily in both products - engineering and distribution," he said.

NetSuite Inc. stockholders will receive $109 per share, a 62 percent premium to the company's Wednesday closing price of $67.42.

The transaction is expected to close this year.