Oracle get OK to buy Sun Microsystems

Shareholders of Sun Microsystems Inc. have now given the ok for the company to sell to Oracle Corp., the software giant. The sale is still not a foregone conclusion, as Oracle will now have to wait for the U.S. Department of Justice to take a close look at the deal for it to go ahead.

According to San Fransisco Business Times, back in April, Oracle had offered Sun Microsystems $9.50 per share, that figure worked out to $5.6 billion, the total deal price was $7.4 billion. That price included Oracle paying off Sun’s debt, which the company had mounted up through these troubling times.

Sun Shareholders had voted in a 62 percent majority. Oracle is hoping to complete the deal by next month. Oracle hopes that the deal will help to add another $1.5 billion to its non-GAAP annual profits. Although Sun Microsystems Inc. has had a solid foothold in high-end servers and its Java programming language, they have still failed to make profits in recent years.

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