(Bloomberg) — Twitter Inc. has passed the US antitrust review, clearing a hurdle for its acquisition by Elon Musk in a proposed $44 billion deal.
Approval was largely expected but the transaction is still subject to acceptance by Twitter shareholders and other regulatory reviews.
Under US merger law, Musk was required to notify the Federal Trade Commission and the US Department of Justice antitrust division to allow an investigation into potential antitrust concerns. The 30-day review period expired Thursday night. It may still be months before Twitter fully comes under Musk’s control as the billionaire continues to seek additional financing commitments.
Separately, Musk is facing regulatory scrutiny over how he has handled filings for the deal. The US Securities and Exchange Commission sent a query to Musk in April requesting information about the timing of his disclosure of his stake in Twitter and the type of filing he made.
Twitter shares were up 1.8% Friday morning in New York.
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