As most of you probably know by now – the big news of the day in the tech industry is the announcement this morning that Sun and Oracle have reached a definitive agreement under which Oracle will acquire Sun for $9.50 per share in cash or $7.4 billion dollars (or $5.6 billion net of Sun’s cash and debt).

According to Oracle CEO, Larry Ellison, “The acquisition of Sun transforms the IT industry, combining best-in-class enterprise software and mission-critical computing systems… Oracle will be the only company that can engineer an integrated system – applications to disk – where all the pieces fit and work together so customers do not have to do it themselves. “

The acquisition certainly makes sense from Oracle’s perspective – there’s plenty to like about Sun that coincides nicely with Oracle’s product line. Sun hardware is a perfect match for Oracle database server technology. Oracle gets their hands on the Java programming language – something they’re already well versed in with their product lineup. Finally, another important side effect of this (one that isn’t mentioned a whole lot in the press for some reason). Oracle gets MySQL as a result of this purchase. Two of the most popular database technologies under a single roof. Interesting..

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