October 25, 2014
REDWOOD SHORES, Calif. (AP) - Oracle is buying the network gear company Acme Packet for about $2.1 billion.
The software giant is bolstering the communications package it can offer to customers with the acquisition. Acme makes phone and data network equipment that's used by more than 1,900 service providers and enterprises around the world.
Oracle, based in Redwood City, Calif., will pay $29.25 per share for Acme. That represents a 22 percent premium over the Bedford, Mass., company's Friday closing stock price.
Acme's board unanimously approved the acquisition, which is expected to close in the first half of 2013.
Acme shareholders and regulators must still sign off on the deal.