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Updated: 2:28 PM CDT Jun 7, 2022

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Editorial Standards ⓘ

Peyton Headlee

Reporter

Oracle Corp., the enterprise-software giant that agreed to purchase Kansas City, Missouri-based Cerner in December has finalized its massive $28.3 billion cash deal.

With headquarters in North Kansas City, and with buildings all over the metro area, Cerner is one of the largest employers in the Kansas City area. The company is an electronic-medical-records company that designs software used by doctor's offices and hospitals to store and analyze medical records and health care data.

“Working together, Cerner and Oracle have the capability to transform healthcare delivery by providing medical professionals with a new generation of healthcare information systems,” said Larry Ellison, Chairman and Chief Technology Officer, Oracle.

The tech company stated in a release that 69.2% of all Cerner shares will be tendered.

“As part of Oracle, Cerner expects to have a greater opportunity to grow and strengthen Kansas City as a true center of excellence for healthcare” said William Zollars, Chairman of Cerner’s Board of Directors when the deal was first announced. “This combination aligns a leading tech company with a leading healthcare company, enabling us to answer a higher calling that Cerner’s founders envisioned from the start. The expected result will yield a patient impact that can truly transform healthcare worldwide.”

Oracle highlighted several details of the offer in a press release after the deal was approved less than a week ago.

• All-cash tender offer for $95.00 per share, or approximately $28.3 billion, that is immediately accretive to Oracle’s earnings.

• Substantially accretive to Oracle’s earnings on a non-GAAP basis in fiscal year 2023, and will contribute more to earnings thereafter.
• Cerner will be a huge growth engine for Oracle for years to come as Oracle expands Cerner’s business into many more countries throughout the world.
• The closing of the transaction is subject to satisfying certain closing conditions including Cerner stockholders tendering a majority of Cerner’s outstanding shares in the tender offer.