Oracle Corporation ORCL is expected to announce the acquisition of Cerner Corporation CERN on Monday, as per CNBC journalist David Faber.
What Happened: Faber said on Twitter Sunday that the Larry Ellison co-founded database management giant is expected to announce the all-cash deal Monday morning.
The journalist said, citing unnamed sources, that Oracle’s acquisition price is likely to be in “mid 90s” per share.
Cerner shares closed 12.93% higher at $89.77 in Friday’s regular session and rose 0.37% to $90.10 in the after-hours trading.
Why It Matters: The acquisition of Cerner, a medical-records company, marks Oracle’s push into healthcare, as per an earlier report.
Cerner is headed by David Feinberg, a former executive at Google, an Alphabet Inc GOOGL GOOG subsidiary. It generated $5.51 billion in revenue in 2020.
Earlier in the month, Oracle shares soared after it reported second-quarter earnings per share of $1.21 beating an estimate of $1.11.
Price Action: On Friday, Oracle shares closed nearly 6.4% lower at $96.62 and rose 0.6% in the after-hours session.
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