Oracle Buying NetSuite for $9.3B

Oracle will continue to 'invest heavily' in both products, says CEO.

Mark Hurd

NEW YORK (AP) — 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.

Oracle Corp.'s stock rose 80 cents, or 2 percent, to $41.73 in premarket trading.