Microsoft Corp. is finally getting its hands on its own artificial intelligence firm, at a time when artificial intelligence has become the new norm for IT corporations (such as Google’s DeepMind).
According to reports, the company has won antitrust permission from the US in respect to its acquisition of Nuance Communications Inc., which focuses on artificial intelligence and speech technologies.
Dealing with antitrust objections is now expired
The news was disclosed by Nuance in a filing to the Securities and Exchange Commission of the United States, and it concerns a $16 billion merger between the two companies that closed in April. The deadline for the US government to file objections had passed on June 1st, according to the company’s filing.
The deal follows the two companies’ collaboration in 2019 to automate healthcare-related administrative tasks. The expiration of the antitrust objection period has now “satisfied one of the conditions for the closing of the merger,” according to Nuance.
If the statements of a Microsoft spokesman are to be believed, the purchase will most likely be completed before the end of this year. According to the spokesperson, the acquisition is presently being analyzed by regulators in “other jurisdictions.”
The completion of this acquisition will help Microsoft fulfil its objectives of becoming a major player in the cloud healthcare solutions sector, allowing it to reach directly into the “physician and patient loop” while also securing its growth in AI and biometrics.
The acquisition will see Microsoft invest $56 per share in Nuance, representing a 22.86% premium over the company’s closing price on Friday (which came to a close at $52.85 after climbing 16% during the day).