Oracle Buys BEA: Oracle Fusion Middleware Gets An $8.5BN Injection of IP

Ellison: "The addition of BEA products and technology will significantly enhance and extend Oracle's Fusion middleware"

Jan. 17, 2008 12:00 PM

BEA, described by the Wall Street Journal this morning as "one of the few independent, midsize software companies left in Silicon Valley as the technology industry consolidates" is independent no longer: it has been acquired today by Larry Ellison's Oracle, in a deal worth $8.5BN. The Board of Directors of BEA Systems has unanimously approved the transaction.

"Over the past several months our Board of Directors, with the assistance of independent financial and legal advisors, has reviewed various ways to maximize stockholder value, including engaging in discussions with third parties about a possible sale of the company," said Alfred Chuang, BEA's Chairman and CEO, in a statement accompanying this morning's news.

Chuang continued:

"This transaction is the culmination of that diligent and thoughtful process, and we believe it is in the best interests of our shareholders. I am confident our innovative products, talented employees and worldwide customer base will be key contributors to the success of the combined company over the long term. We look forward to working with Oracle toward a successful completion of the transaction."

The transaction is anticipated to close by mid-2008, subject to BEA stockholder approval, certain regulatory approvals and customary closing conditions.

Alfred Chuang, CEO of BEA - Will He Now Ride His Bike Into the Far Distance?

Published Jan. 17, 2008— Reads 9,471
Copyright © 2009 SYS-CON Media. All Rights Reserved.

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