SYDNEY - [AAP] US technology giant Oracle has agreed to buy construction software provider Aconex (ASX: ACX) in an all-cash takeover valuing the company at $1.6 billion.

New York-listed Oracle will acquire all shares in the cloud-based solutions provider at $7.80 each, or a 47 per cent premium to Aconex's closing price of $5.29 on Friday.

The two companies will jointly be able to provide an end-to-end solution for project management and delivery for construction projects.

"The Aconex and Oracle businesses are a great, natural fit and highly complementary in terms of vision, product, people and geography," Aconex chief executive Leigh Jasper said in a statement on Monday.

Aconex shares in January plunged nearly 50 per cent after a profit warning from the company but have since recovered with a strong second-half performance, helped by infrastructure investment globally.

The company, which listed on the ASX in December 2014, said its board had unanimously recommended shareholders vote in favour of the offer, subject to an independent expert's report and there being no superior offer.

The scheme will also be dependent on Foreign Investment Review Board approval.

The deal is expected to be completed in the first half of 2018.

 

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