U.S. private equity firm Platinum Equity won permission from European Union antitrust authorities on Wednesday to acquire control of bankrupt U.S. auto parts maker Delphi Corp.
The Commission, competition watchdog of the 27-nation European Union, said in statement that the transaction would not raise competition concerns in the European economic area.
Platinum Equity buys and runs companies that provide services in a number of markets, including information technology while Delphi is a global supplier of mobile electronics and transportation systems for the car industry.
Both companies manufacture and sell automotive electric distribution systems (EDS). However, the Commission said Platinum was a relatively small player in Europe.
The Commission's investigation showed that Platinum and Delphi are not close competitors, it said, pointing to a number of rivals such as Leoni, Yazaki, Draexelmaier and Lear and saying customers still had choice.
The completion of the proposed transaction is subject to the approval of the U.S. Bankruptcy Court of the Southern District of New York.
At the time of the Commission's decision, it is still open as to who the ultimate acquirer of Delphi will be, the Commission said.
(Reporting by Bate Felix)