Redmond, Wash. - Microsoft announced on Tuesday that it has offered $1.2 billion to acquire Fast Search & Transfer (FAST), a Norway-based provider of enterprise search technology and services. The offer represents a 42% premium to the closing price of FAST's shares on Jan. 4, and the deal has been approved both by the company's board, and shareholders representing 35% of outstanding shares.

Microsoft's offer requires approval from at least 90% of FAST shareholders.

Founded in 1997, Oslo-based FAST provides tailored search engine technology for businesses.

"Until now organizations have been forced to choose between powerful, high-end search technologies or more mainstream, infrastructure solutions," said Jeff Raikes, president of the Microsoft Business Division.

"The combination of Microsoft and FAST gives customers a new choice: a single vendor with solutions that span the full range of customer needs."

The companies expect to close the deal during the second quarter.

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