Software
Oracle-Sun Deal Cleared by Justice Dept.
REDWOOD SHORES, Calif. (TheStreet) -- Oracle's (ORCL) proposed acquisition of Sun Microsystems (JAVA) is closer to completion after clearing a key regulatory hurdle in the U.S.
Oracle late Thursday said the U.S. Department of Justice has approved its $7.4 billion buyout of Sun Microsystems, first announced in April. Sun's stockholders approved the transaction on July 16. Closing of the transaction is subject to certain conditions, including clearance by the European Commission, Oracle said in a statement. Antitrust concerns have sprung up over the licensing of Sun's Java programming language, used in billions of devices from mobile phones to PCs, although approval from the Justice Department was widely expected. Before Oracle stepped in with its offer for Sun, rival IBM (IBM) had reportedly been pursuing the beleaguered tech company, with discussions falling apart over price.TheStreet Premium Services
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