The majority of Tesserent shareholders have voted in favour of Thales Australia’s proposed A$176 million acquisition of the cyber security provider.
The deal, which would see Thales acquire all of Tesserent’s shares at A$0.13 per share, was announced in June and would see Tesserent retain its brand but add “Cyber Solutions by Thales”.
"Tesserent's board carefully considered and weighed up the value, certainty, timing, execution, risk and competitiveness when forming its recommendation on the offer from Thales,” said Tesserent CEO Kurt Hansen.
“We have always balanced three key priorities -- the needs of our shareholders, the wellbeing and benefit of our people and the provision of reliable cyber security services to our expansive customer base."
"This transaction will accelerate our three-year growth plan as the combination of Tesserent and Thales Australia will provide rapid scale and advanced services to address cyber security needs in Australia and New Zealand, including in the government, defence and commercial sectors."
The next step in the process is the hearing of an application for approval of the acquisition by Tesserent in the Federal Court of Australia. If successful, the cyber security provider said it expects the implementation of the deal to commence on 4 October.