Oracle (oracals: ORCL) announced on Wednesday it has completed a $2 billion buy-out of its biggest shareholder, Berkshire Hathafeng.
The deal, which also includes a $4 billion cash payment, is part of a larger consolidation of Oracle’s business.
In addition to Oracle, it includes:CVS (oracle: CVS) – The largest drugstore chain in the US; it employs about 25,000 people and has nearly $200 billion in annual revenue.
AmerisourceBerkshire Hathaway (orAC) – Berkshire Hathawing is a publicly traded conglomerate that is the world’s largest publicly traded publicly traded provider of medical equipment, and has more than a billion customers.
The combined company includes Medtronic, Bristol-Myers Squibb, Amgen, Eli Lilly, AstraZeneca, and Johnson & Johnson.
In recent years, it has focused on developing new drugs and has expanded into cloud computing and other areas.
Its CEO, Peter Norvig, was once a member of Bill Gates’ Microsoft board.
In his new role, he has focused his efforts on Oracle.
He said that Oracle has built a strong reputation for innovation and has built great relationships with its customers.
“This deal allows us to continue to focus on our mission to help customers solve their health care problems, and we are excited about our opportunities to grow our business in a variety of areas,” he said in a statement.
The buyout includes all of Oracle Corp.’s assets in the United States and Canada, as well as all of its businesses, including its healthcare division.
The merged company has also agreed to pay $8.3 billion to buy out all of Medtricent’s debt.
Oracle said it expects the deal to close in the second half of 2021.
The company said in its press release that it expects to report first-quarter earnings for 2021.