Oracle Corp. ORCL, -2.41% said Monday it has agreed to acquire electronic-medical-records company Cerner Corp. CERN, +0.92% for $95 a share, in a deal valued at $28.3 billion. The news was reported earlier by the Wall Street Journal. “Working together, Cerner and Oracle have the capacity to transform healthcare delivery by providing medical professionals with better information–enabling them to make better treatment decisions resulting in better patient outcomes,” said Larry Ellison, chairman and chief technology officer at Oracle. The deal is expected to boost Oracle’s adjusted earnings in the first fiscal year after closing, said CEO Safra Catz. It’s expected to “contribute substantially more” to earnings in the second fiscal year and after that. The deal is expected to close in 2022. Cerner shares were halted for the news but had gained 1% premarket. Oracle shares fell 2.6%.
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