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On 20 December 2018, the ACCC announced it had accepted an undertaking (the Undertaking) from Thales pursuant to s 87B of the Competition and Consumer Act 2010 (Cth) in connection with Thales’ proposal to acquire all issued and outstanding ordinary shares of Gemalto by way of a full public offer subject to the terms and conditions of a merger agreement between Thales and Gemalto (the Proposed Acquisition). The Proposed Acquisition will result in Gemalto becoming a subsidiary of Thales.