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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 10:57am 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 believed 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 against 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." 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 second fiscal 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 Sun jumped 35.7 percent to $9.08 in morning Nasdaq trading, while Oracle shares fell 3.7 percent to $18.36. Shares of IBM, which did not immediately return calls for comment, fell 1.8 percent to $99.49 on the NYSE. 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 equipment. 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. LONG FRIENDS 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 operate tightly 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." Sun would add more than $1.5 billion to Oracle's operating profit in the first year, rising to more than $2 billion in the second year, Oracle said. Sun rose to prominence in the 1990s but never fully recovered from the dotcom bubble burst in the early 2000s, when demand for its high-end servers cratered. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! 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