Twitter | Elon Musk
Twitter says waiting period for Elon Musk's buyout deal has ended
The waiting period for Elon Musk's $44-billion deal to buy Twitter under HSR Act is over, the company said Friday.
Completion of the deal is now subject to remaining customary closing conditions, including approval by Twitter stockholders and the receipt of applicable regulatory approvals, Twitter said, reported Reuters.
Parties to a large deal are required to report the transaction to both the Federal Trade Commission and the U.S. Department of Justice Antitrust Division for review under the HSR Act, or the Hart-Scott-Rodino Antitrust Improvements Act.
The development comes close on the heels of Musk's announcement last month that the Twitter deal was “temporarily on hold” as he sought more information about the proportion of fake accounts on the platform.
For the Twitter buyout, Musk has secured funding, including $33.5 billion through equity financing and $13 billion through loans against the microblogging site.
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