Internet security company Symantec is one step closer to completing the acquisition of information security company Axent.
The stock-for-stock acquisition was approved last week by the US Securities and Exchange Commission, which leaves just one more stage before the purchase is complete.
A Symantec representative told CRN: "Completion of the transaction, which is expected to happen by the end of this calendar year, still requires the satisfaction of certain conditions, including approval by stockholders of both companies."
Both companies have predicted that the joint proxy/prospectus will be distributed to shareholders of both companies for approval either on or before 10 November.
Symantec provides content and network security solutions to individuals and enterprises. The initial announcement that the company was to acquire Axent in a stock-for-stock transaction was made on 27 July. At the time, John Thompson, Symantec's chief executive, called the acquisition "a major step in our enterprise strategy".
Axent is an e-security reseller which delivers integrated products and services to assess, protect, enable and manage business processes and information assets. Some of the services offered to customers are assessment and policy compliance, firewalls, intrusion detection and virtual private networking.
It was proposed under the agreement that Axent shareholders would receive 0.5 shares of Symantec common stock in a tax-free exchange for each share of Axent common stock they owned.
Symantec was unable to comment further on the possibilities of job losses or restructuring, or the effects of the acquisition in the UK, should the deal go ahead as planned.
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