Oracle to acquire 100% stake in Aconex

Company News

by Kathy Skantzos

Cloud-based technology company Aconex (ASX:ACX) has entered into an agreement with global database platform Oracle, which is proposing to acquire a 100 per cent stake in Aconex shares.

Oracle and Aconex are planning to provide an end-to-end offering for project management and delivery that enables customers to plan, build and operate construction projects.

Under the scheme, Aconex shareholders will be entitled to receive $7.80 in cash per share.

The scheme is subject to a shareholder vote which will be held in March 2018.

Aconex’s board of directors is pushing for shareholders to vote in favour of the scheme, and shareholders do not need to take any action at this point.

Shares in Aconex (ASX:ACX) closed 0.19 per cent lower to $5.29.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.