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REDMOND, Wash. (AP) - Software company Microsoft Corp. said Friday it completed its tender offer for Norwegian search company Fast Search & Transfer ASA.
Fast's chief executive, John Markus Lervik, will become Microsoft's corporate vice president of enterprise search.
Microsoft had agreed to buy Fast in January for 19 kroner per share, which was worth $2.97 per share at the time, bringing the deal's total value to $1.2 billion. At current exchange rates, 19 kroner is worth $3.77.
Oslo-based Fast's enterprise search technology helps businesses locate data in different types of files and databases. By buying Fast, Microsoft is strengthening its business search technology to better compete with Oracle Corp. and IBM.
Microsoft's shares fell $1.75, or 5.5 percent, to $30.13 in morning trading. The company's forecast for the current quarter had disappointed investors.
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