Solera Holdings, parent company to LYNX Services, GTS and Glaxis, announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 was terminated by the United States Federal Trade Commission (FTC) on October 9, 2015. This waiting period was in reference to the proposed acquisition of the company by an affiliate of Vista Equity Partners.
The Hart-Scott-Rodino Act established the federal premerger notification program, which provides the FTC and the Department of Justice (DOJ) with information about large mergers and acquisitions before they occur, according to the FTC’s website.
“The parties to certain proposed transactions must submit premerger notification to the FTC and DOJ. Premerger notification involves completing an HSR Form, also called a ‘Notification and Report Form for Certain Mergers and Acquisitions,’ with information about each company’s business,” according to the website. “The parties may not close their deal until the waiting period outlined in the HSR Act has passed, or the government has granted early termination of the waiting period.”
Vista plans to acquire Solera in a transaction valued at approximately $6.5 billion, including the existing net debt of Solera. Termination of the HSR Act waiting period is one of the specified conditions to which closing of the merger is subject, according to a company release.
“The completion of the merger remains subject to certain other closing conditions, including adoption of the merger agreement by the company’s stockholders and the receipt of certain other non-United States regulatory approvals,” according to a statement released by Solera.