It has been reported that Oracle, the enterprise software manufacturer, will acquire the electronic medical record company Cerner with a memorandum of understanding worth 28.3 billion dollars.
Oracle will pay Cerner $95 per share. Oracle will pull health information into its own cloud system with this breakthrough.
The acquisition is expected to be completed in 2022. Oracle share fell 6 percent in the week the news first broke and as much as 5 percent after the parties officially announced the agreement.
Founded in 1977 by Larry Ellison, Bob Miner, and Ed Oates, Oracle has a market capitalization of more than $260 billion after its share price loss.