Formula Systems (Nasdaq:FORTY) on Wednesday completed the acquisition of a controlling interest in Tel Aviv-traded Liraz Systems, after Antitrust Commissioner Dror Strum approved the deal.

Formula paid NIS 23.7 million for another 36.6% of Liraz's equity, which brings it 37.3% of the voting rights. Formula now owns 44% of Liraz's equity and 44.7% of the voting rights.

In September, Formula reached an accord with Discount Investment Corporation and Arik Kilman, formerly chairman of Formula affiliate Level 8 Systems (Nasdaq:LVEL).

The parties agreed that Discount Investments would sell Formula 2 million Liraz shares, and that Kilman would sell 498,000 Liraz shares.

The agreement gave Formula an option to acquire another 861,000 Liraz shares from Kilman.

The transaction was based on $2.25 or NIS 9.49 per Liraz share, 64% above the market.

Discount Investments owns 852,000 Liraz shares, which come to 12.7% of the share capital, while Kilman owns 932,000 Liraz shares, or 13.9% of the share capital.

Meanwhile, Dan Goldstein and Formula President Gad Goldstein have been appointed as members of the Liraz board. Two weeks ago Formula published a tender offer to acquire 400,000 Liraz shares at NIS 6.5 each. The tender closes on November 20. In the event of partial success, Formula will still achieve a 50.7% holding in Liraz.