The European Commission (EC) has given its approval for the acquisition of Austria-based Constantia Flexibles by French investment group Wendel Group for €2.3bn ($2.8bn).
Constantia Flexibles specialises in producing foil, paper and plastic-film packaging and labels for the food, pharmaceutical and beverage industries and recorded sales of €1.6bn in 2013.
Currently, the company employs around 8,000 people.
Wendel had previously announced its decision of purchasing the company in December 2014.
With the acquisition, Wendel hopes to support Constantia Flexibles over the long term as the majority shareholder along with its minority shareholders.
Commenting on the acquisition, chairman of Wendel's executive board, Frédéric Lemoine had said: "In acquiring Constantia Flexibles, Wendel is carrying out a major transaction that is right in line with the strategy announced. Constantia Flexibles is a very strong industrial company and one of the world's leaders in packaging solutions.
"The segment in which the company specializes, flexible packaging, is being buoyed by underlying, worldwide market trends, and in the future, Constantia Flexibles will be able to grow both by organic means and by acquisition, as the market is still very fragmented."
The EC said in its announcement that the approval for the proposed acquisition was granted as it would not raise any competition concerns, because Constantia Flexibles and Wendel did not belong to the same markets.
The transaction was examined by the EC under the simplified merger review procedure.
Wendel will be buying Constantia from the One Equity Partners (OEP) and the H Turnauer Foundation.
