Oracle Expected To Announce Purchase Of Cerner Today Around This Price Level

Oracle Corporation ORCL is expected to announce the acquisition of Cerner Corporation CERN on Monday, as per CNBC journalist David Faber.

What Happened: Faber said on Twitter Sunday that the Larry Ellison co-founded database management giant is expected to announce the all-cash deal Monday morning. 

The journalist said, citing unnamed sources, that Oracle’s acquisition price is likely to be in “mid 90s” per share. 

Cerner shares closed 12.93% higher at $89.77 in Friday’s regular session and rose 0.37% to $90.10 in the after-hours trading.

Why It Matters: The acquisition of Cerner, a medical-records company, marks Oracle’s push into healthcare, as per an earlier report. 

Cerner is headed by David Feinberg, a former executive at Google, an Alphabet Inc GOOGL GOOG subsidiary. It generated $5.51 billion in revenue in 2020.

Earlier in the month, Oracle shares soared after it reported second-quarter earnings per share of $1.21 beating an estimate of $1.11.

Price Action: On Friday, Oracle shares closed nearly 6.4% lower at $96.62 and rose 0.6% in the after-hours session.

Read Next: Oracle Makes Cloud Region Debut In Nordics

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