In an announcement to the Stock Market today, the two firms revealed that at the first of two court hearings as part of the acquisition process, the £11.38m merger has received the thumbs up.
As a result all Xploite shares have been suspended from the Alternative Investment Market (AIM).
The next hearing, known as the Reduction Court Hearing, is scheduled to take place on 27 April. It is only then that the deal can finally go ahead.
Once the deal goes ahead, the plan is for Xploite chief executive Ian Smith and financial director Robert Arrowsmith will be executive chairman and chief financial officer of the enlarged group respectively. Avisen chief executive Marcus Hanke will be chief executive of the group.
Smith told CRN earlier this year that the transaction would provide the group with the ‘perfect platform’ to execute a buy-and-build strategy.
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