Oracle Corp. on Wednesday announced that it had completed its acquisition of Sun Microsystems. Combination of the local entities worldwide will proceed in accordance with local laws.

The combination of Sun and Oracle is likely to completely transform the whole IT industry. With the addition of servers, storage, SPARC processors, the Solaris operating system, Java, and the MySQL database to Oracle's portfolio of database, middleware, and business applications, the company plans to engineer and deliver open and integrated systems – from applications to disk –where all the pieces fit and work together out of the box.

According to Oracle, each layer of the stack will be architected to improve performance, leverage innovation and centralize management so that IT will be more predictable, more supportable, and more secure. Oracle promises that customers will benefit as their system performance, reliability and security goes up and their system integration and management costs go down.

Oracle acquired Sun common stock for $9.50 per share in cash. Approximately 62% of the shares of Sun common stock outstanding as of the record date for the meeting voted to adopt the agreement. The transaction’s proceedings are about $7.4 billion.

Tags: Oracle, Sun, Sun Microsystems, Business