by CIO Staff

Oracle to Sink Additional $125M into i-flex

Aug 14, 20061 min
Mergers and Acquisitions

Oracle, a producer of database software, on Monday announced that it will sink an additional $125 million into Indian software firm i-flex solutions, boosting its stake in the company from 52.5 percent to 55.1 percent, Reuters reports.

Oracle is attempting to aid i-flex in its ongoing acquisition of Mantas, a United States-based producer of anti-money laundering software and related offerings, according to Reuters.

Oracle will be issued some 4.45 million i-flex shares at roughly $28 per share as part of a preferential allotment, Reuters reports.

I-flex shareholders are to meet on Sept. 12 to OK the acquisition, and Indian law also calls for Oracle to make a required open offer to purchase another 20 percent of the i-flex shareholders’ shares for approximately $31.67 each, according to Reuters.

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