Oracle announced it has closed the deal to buy electronic health records Cerner for $28 billion, effective today. This is the top corporate transaction for 2021.
The announcement was short: “Oracle Corporation (NYSE: ORCL) announced that a majority of the outstanding shares (the “Shares”) of Cerner Corporation (Nasdaq: CERN) were validly tendered, and the other conditions to the tender offer have been satisfied or waived. The deal will close on June 8, 2022.”
In December 2021 Oracle said it would acquire electronic health records provider Cerner for $28 billion. The acquisition would bring a lucrative market to the Oracle cloud, which is why the business was ready to spend so much for it.
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In April 2021, Microsoft paid over $20 billion for Nuance Communications, a voice recognition space that is active across healthcare, and financial services. The transaction was finalized in March. Oracle spent a hefty sum for Cerner to enter the healthcare business headfirst.