The alliance between industry heavyweight Telstra and smartcard company Keycorp is almost in the bag after the Australian competition watchdog gave the green light to the plan.
"The deal is in its final stages, we hope to make an announcement shortly," a Keycorp spokesperson told ZDNet Australia.
Both companies are currently undergoing due diligence.
The alliance, to form a full service Internet payments solution to suit individual customer needs, has yet to pass Keycorp shareholder approval -- all other consent is said to be "imminent".
The Explanatory Memorandum and Notice of Meeting documents are due to be lodged with the ASX shortly, where they will be under review for up to nine days. A letter to shareholders will then be issued and a extraordinary general meeting held approximately 28 days after the dispatch date.
Telstra has agreed to subscribe for 38.7 million shares -- or a 51 percent stake in Keycorp -- for a total consideration of approximately AU$515 million. This equates to AU$13.30 for each Keycorp share.
Despite the good news from the Australian Competition and Consumer Commission, Keycorp shares were down in the mouth at AU$8.25, Tuesday.
