Business software giant Oracle said Monday that it has signed a definitive agreement to acquire rival PeopleSoft after sweetening its offer by 10 percent to approximately $10.3 billion.
Under the agreement, which comes 18 months after Oracle launched its hostile takeover bid for its business software rival, Oracle would pay $26.50 for each share of the Pleasanton-based PeopleSoft.
"This merger gives Oracle even more scale and momentum," said chief executive Larry Ellison.
"The real highlight of our most recent quarter was the 57 percent growth in our applications business, and this merger is going to make that applications business bigger and stronger."
The transaction has been approved by the boards of directors of both companies and should close by early January, Oracle said.
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