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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Environment Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Oracle to buy Sun Micro, enters hardware market Mon Apr 20, 2009 2:17pm EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Jim Finkle BOSTON (Reuters) - Oracle Corp plans to enter the computer hardware market by buying Sun Microsystems Inc for more than $7 billion, swooping in after Sun's talks with IBM fell apart. The announcement on Monday surprised many Oracle watchers, who believe the company can boost profitability at Sun's software businesses but were unsure if it can be as successful with Sun's hardware unit amid stiff competition from IBM, Hewlett-Packard Co, Dell Inc and new entrant Cisco Systems Inc. "It's an out-of-the-box, left-field type of a deal because Oracle is buying a predominantly hardware business," said Jefferies & Co analyst Ross MacMillan. "The push-pull of the deal is the uncertainty of the hardware business with the earnings accretion of the software business." The deal would make Oracle the world's fourth-largest maker of servers, with the No. 2 slot in the high-end of the market, which was worth about $17 billion last year. It is already the world's No 2 maker of business software after IBM. Oracle will pay $9.50 a share for Sun, which values the high-end server and software maker at about $7.06 billion, based on 743 million shares outstanding as of the end of its fiscal second quarter on December 28, according to Sun. Sun had previously rejected IBM's offer to pay up to $9.40 a share, according to sources with knowledge of the matter. Shares of Santa Clara, California-based Sun jumped 36.3 percent to $9.12 in Nasdaq trading, while Redwood City, California-based Oracle shares fell 1.7 percent to $18.74. Shares of IBM, which declined to comment, fell 0.32 percent. Oracle President Safra Catz said on a conference call that Oracle intends to make the hardware division profitable. Sun's top-selling products are high-end servers and storage gear. Catz said the acquisition, which the companies expect to close this summer, will add at least 15 cents per share to earnings in the first full year after closing. It will be more profitable on a per share basis in the first year than Oracle had planned for its previous purchases of BEA, PeopleSoft and Siebel combined, Catz said. OLD FRIENDS The companies said the transaction is valued at $5.6 billion net of cash and debt. Sun's board -- which includes a seat held by its top shareholder Southeastern Asset Management with 22 percent stake -- had unanimously approved the deal, which is subject to shareholder and regulatory approval. Oracle Chief Executive Larry Ellison and Sun Chairman Scott McNealy are two Silicon Valley pioneers who have become close friends over the years as their businesses worked together to take on rivals including Microsoft Corp and IBM. Oracle and Sun have been partners for more than 20 years; Oracle's database and related software already work closely with Sun's Java software and Solaris operating system. "The deal would strengthen Oracle's position against IBM. Oracle has done a good job on acquisitions it has done earlier," said Robert Jakobsen, analyst at Jyske Bank in Copenhagen. "It makes sense also historically. Oracle has been more successful commercializing software than Sun." Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Nokia sells mobile TV technology unit Also On Reuters Slideshow Slideshow: Highlights from the world of technology Startup helps mask recession's black eyes Need land for food? Buy or lease from Pakistan More Technology News Videogamers show signs of addictive behavior: study South Korea's "prophet of doom" blogger acquitted Nokia sells mobile TV technology unit Future cell phone to take on music editing Text query firm launches new media service More Technology News... Video Business Update: Toshiba seeks cash Play Video More Video... 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