Oracle To Buy Textura For $663 Million - Quick Facts

(RTTNews) - Business software giant Oracle Corp. (ORCL) announced that it has entered into a definitive agreement to acquire Textura Corp. (TXTR), a provider of construction contracts and payment management cloud services, for $26.00 per share in cash. The transaction is valued at approximately $663 million, net of Textura's cash.

Textura's cloud services process $3.4 billion in payments for over 6,000 projects each month, helping keep projects on time and under budget while reducing risk for developers, contractors and subcontractors.

Following the deal, Oracle Primavera, which offers cloud solutions for project, cost, time and risk management, and Textura will form the Oracle Engineering and Construction Global Business Unit. It will offer a comprehensive cloud-based project control and execution platform that manages all phases of engineering and construction projects.

The Board of Directors of Oracle has unanimously approved the transaction.

The transaction is expected to close in 2016, subject to Textura stockholders tendering 66 2/3% of shares in the tender offer, certain regulatory approvals and other customary closing conditions.