Oracle announced that all required antitrust approvals have been obtained for its proposed acquisition of Cerner, including European Commission clearance.
Cerner is a provider of digital information systems used within hospitals and health systems by medical professionals.
Oracle expects to complete the tender offer promptly following the expiration of that offer at midnight Eastern time on June 6, 2022. Completion of the tender offer remains subject to the conditions described in the tender offer statement on Schedule TO filed by Oracle with the U.S. Securities and Exchange Commission on January 19, 2022, as amended.
“Working together, Cerner and Oracle have the capability to transform healthcare delivery by providing medical professionals with a new generation of healthcare information systems,” said Larry Ellison, chairman and CTO, Oracle. “Better information enables better treatment decisions resulting in better patient outcomes. Our new, easy-to-use systems are designed to lower the administrative workload burdening our medical professionals while improving patient privacy and lowering overall healthcare costs.”
“We expect this acquisition to be substantially accretive to Oracle’s earnings on a non-GAAP basis in fiscal year 2023,” added Safra Catz, CEO, Oracle. “Healthcare is the world’s largest and most important vertical market—$3.8 trillion last year in the United States alone. We expect Cerner to be a huge growth engine for years to come.”
Oracle shared highlights of the deal:
- An all-cash tender offer for $95.00 per share, or approximately $28.3 billion, that is immediately accretive to Oracle’s earnings.
o Substantially accretive to Oracle’s earnings on a non-GAAP basis in fiscal year 2023, and will contribute more to earnings thereafter.
o Cerner will be a huge growth engine for Oracle for years to come as Oracle expands Cerner’s business into many more countries throughout the world.
o The closing of the transaction is subject to satisfying certain closing conditions including Cerner stockholders tendering a majority of Cerner’s outstanding shares in the tender offer.
For more information, go to www.oracle.com