The European Commission (EC) cleared Tele2’s SEK2.9 billion ($352 million) acquisition of TDC Sweden without conditions, paving the way for the deal to close later this month.

In a statement, the regulator said the acquisition “would raise no competition concerns, in particular because the companies’ activities are largely complementary”.

Tele2 announced the move in June, to bolster its business-to-business proposition in its home market. Denmark-based TDC’s sale followed a strategic review of its operations.

The EC noted that the companies’ operations overlap in a number of retail markets, including retail fixed telephony, internet access and mobile services among others.

It said that although the merged entity would have a market share above 20 per cent for retail mobile services, “the Commission found that TDC Sweden has a limited presence on this market, and that several alternative providers would remain available after the transaction”.

Alison Kirkby, CEO and president at Tele2, said the company was “delighted to receive clearance,” allowing it to work on finalising the deal by the end of this month.

The EC has taken a hard-line recently on in-country European mergers, in relation to competition concerns.

It blocked Hutchison’s proposed merger with Telefonica’s O2 in the UK earlier in the year, while in Italy, Hutchison and VimpelCom secured clearance for a merger of their local units after the companies’ committed to helping a fourth operator enter the market.