Oracle-Sun Deal Cleared by Justice Dept.

Oracle late Thursday said the U.S. Department of Justice has approved its $7.4 billion buyout of Sun Microsystems.
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REDWOOD SHORES, Calif. (

TheStreet

) --

Oracle's

(ORCL) - Get Report

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) - Get Report

had reportedly been pursuing the beleaguered tech company, with discussions

falling apart over price

.