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July 24, 2008 10:46:24 PM CDT

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Microsoft to Buy Norway's Fast for $1.2B

Posted Jan 8, 08 7:05 PM CST in Technology,  Business 

(Newser) – Microsoft solidified its plans to purchase Fast Search & Transfer today with a $1.2 billion offer, roughly a 42% premium over the Norwegian enterprise search company's Friday closing price. The news drove Microsoft shares down today to $34.20, a 1.2% drop, while Fast shares rose nearly 41%, approaching Microsoft's offer price, Red Herring reports.

Two of Fast's major shareholders have approved the deal, and Microsoft is set to close in the second quarter, the Seattle Times reports. Microsoft has had its eye on Fast and other consumer search companies for some time. "The combination of Microsoft and Fast gives customers a new choice: a single vendor with solutions that span the full range of customer needs," a Microsoft statement read.

Sources Red Herring, Seattle Times

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Bill Gates Speaks At The Press Preview For CES   (Getty Images (by Event) Individuals)
Microsoft Chairman Bill Gates delivers a keynote speech during the Consumer Electronics Show (CES) at the Venetian hotel and casino in Las Vegas in this Jan. 6. 2007 file photo. Gates is stepping down...   (Associated Press)
Microsoft chairman Bill Gates speaks at keynote address at the Consumer Electronics Show (CES) in Las Vegas, Sunday, Jan. 6, 2008 . (AP Photo/Paul Sakuma)   (Associated Press)
Guitarist Slash, left, plays next to Microsoft chairman Bill Gates, right, during his keynote address at the Consumer Electronics Show (CES) in Las Vegas, Sunday, Jan. 6, 2008 . (AP Photo/Paul Sakuma)   (Associated Press)
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