RTTNews | Apr 12, 2021 10:02AM EDT

10:01 Monday, April 12, 2021 (RTTNews.com) - Shares of cloud and AI software and speech technology company Nuance Communications, Inc. (NUAN) are rising more than 16% Monday morning on the news of it being acquired by Microsoft Corporation (MSF) for about $19.7 billion, including debt.

As per the agreement between the two companies, Microsoft will buy Nuance for 56 per share, a 23% premium to the closing price of Nuance on Friday, April 9.

"AI is technology's most important priority, and healthcare is its most urgent application. Together, with our partner ecosystem, we will put advanced AI solutions into the hands of professionals everywhere to drive better decision-making and create more meaningful connections, as we accelerate growth of Microsoft Cloud in Healthcare and Nuance," said Satya Nadella, CEO, Microsoft.

NUAN is currently trading at $53.20.

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