Oracle Confirms Plan To Buy Micros Systems For $5.3 Billion
Bloomberg reported that the transaction was likely on June 17, immediately sending Micro Systems up 20 percent to $69.80. Recently, Micro shares rose three percent to $67.75
Micros Systems, with revenue last year of $1.27 billion, offers software, hardware and cloud services to hospitality and retail business. Its technologies are used at 330,000 customer sites in 180 countries.
Oracle had 2013 revenue of $38.28 billion and said the acquisition will extend its business by combining Micros' industry-specific applications with Oracle's technologies and cloud portfolio.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.