In Brief: FTC Approves 724's Deal to Buy Tantau

WASHINGTON - The Federal Trade Commission has granted 724 Solutions Inc. early approval for its acquisition of Tantau Software Inc. under the Hart-Scott-Rodino Act.

The act requires investors to notify the FTC if they intend to acquire at least 15% of a company's outstanding shares or at least $15 million of its stock or assets. The statute is designed to help the FTC to review proposed mergers and acquisitions for possible violations of the antitrust laws. The termination date is Dec. 21.

Last month 724, of Toronto, said it planned to buy the privately-held Tantau for about $375 million of stock in a deal that would link two providers of wireless software for the financial services industry.