Having secured regulatory approvals, the deal is subject to meeting certain other conditions such as Cerner’s stockholders tendering a majority of the firm’s outstanding shares in the tender offer of $95 per share in cash
Cerner is being acquired by Oracle for $28.3bn. (Credit: Americasroof/Wikimedia Commons)
Oracle said that it has secured all the necessary antitrust approvals for its previously announced $28.3bn acquisition of Cerner, a US-based publicly listed health information and electronic health record (EHR) technology provider.
The approvals include clearance from the European Commission.
Cerner, which is based in Kansas City, Missouri, provides digital information systems for hospitals and health systems.
As per the terms of the deal announced in December 2021, Cerner’s shareholders are being offered $95 per share in cash.
Oracle said that it expects to promptly close the tender offer after the expiration of that offer on 6 June 2022. The closing of the deal continues to be subject to meeting certain conditions such as Cerner’s stockholders tendering a majority of the firm’s outstanding shares in the tender offer.
Cerner CEO and president David Feinberg said: “Cerner has been a leader in helping digitise medical care, and now it’s time to realise the real promise of that work with the care delivery tools that get information to the right caregivers at the right time.
“Joining Oracle as a dedicated Industry Business Unit provides an unprecedented opportunity to accelerate our work modernizing electronic health records, improving the caregiver experience, and enabling more connected, high-quality and efficient patient care.”
Oracle expects Cerner to be a huge growth engine for years to come as it plans to expand the latter’s business into several countries.
At the time of announcing the deal, Oracle said that it has plans to organise the EHR technology provider as a dedicated industry business unit. The tech major intends to make Cerner its anchor asset for expanding into the healthcare sector.
Oracle chairman and chief technology officer Larry Ellison said: “Working together, Cerner and Oracle have the capability to transform healthcare delivery by providing medical professionals with a new generation of healthcare information systems.
“Better information enables better treatment decisions resulting in better patient outcomes. Our new, easy-to-use systems are designed to lower the administrative workload burdening our medical professionals while improving patient privacy and lowering overall healthcare costs.”