According to Twitter Inc, the HSR Act’s waiting period for Elon Musk’s $44 billion purchase of Twitter Inc expired on Friday.
According to Twitter, the deal is now subject to the satisfaction of the remaining customary closing conditions, which include stockholder approval and the receipt of all relevant regulatory clearances.
The Hart-Scott-Rodino Antitrust Improvements Act (HSR Act) requires parties to submit big transactions to the Federal Trade Commission and the Antitrust Division of the US Department of Justice for assessment.
Musk said last month that the Twitter deal was “currently on hold” while he sought more information about the platform’s bogus account percentage.
Antitrust laws require deals to be filed to the US government for review by the Justice Department or the Federal Trade Commission.
If any agency had made a “second request” for documents, the agreement would have been subjected to a months-long probe.
Musk has obtained cash for the deal, including $33.5 billion in stock and $13 billion in debt secured against Twitter.
In premarket trading, Twitter’s stock increased approximately 2% to $40.62.
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