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Adobe Systems Inc., one of the world's largest providers of document-design software, will acquire Macromedia in an all-stock transaction valued at approximately $3.4 billion, the companies announced today.

Under terms of the deal, approved by the companies' boards of directors, Macromedia stockholders will receive 0.69 shares of Adobe common stock for every share of their Macromedia common stock. That will result in Macromedia stockholders owning about 18 percent of the combined company when the deal closes.

The transaction, contingent upon the approval of both companies' stockholders, is expected to be complete by the fall. It also requires the approval of federal regulators.

San Jose-based Adobe's software includes the popular Acrobat and Photoshop program. San Francisco-based Macromedia makes the Dreamweaver and Flash web-design software.

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