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Verint, Witness Systems merger to close by end of May with clearance from U.K. trading office
By Lisa Kerner
Charlotte, N.C., May 23 - The U.K. Office of Fair Trading decided not to refer the agreement and plan of merger between Verint Systems Inc. and Witness Systems, Inc. to the U.K. Competition Commission, clearing the way for the acquisition to close on or before May 29.
Verint announced a definitive agreement on Feb. 12 to acquire Witness Systems for $27.50 per share in cash, according to a company news release. The company plans to fund the $950 million transaction through a $650 million debt financing commitment, a $293 million preferred stock investment and the existing cash of the combined company.
The Federal Trade Commission has already granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.
Verint, located in Melville, N.Y., provides analytic software-based solutions for security and business intelligence.
Atlanta-based Witness provides software and services that help businesses capture customer intelligence and optimize workforce performance.
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