German carmaker Volkswagen and Dutch investment company Fleet Investments BV won approval from European Union regulators on Wednesday to take joint control of Dutch car leasing firm LeasePlan Corporation NV.

The transaction would not impede effective competition in the European Economic Area or any substantial part of it, the European Commission said in a statement.

The EU executive ensures mergers and acquisitions do not distort competition in the 27-country EU.

LeasePlan is now jointly controlled by Volkswagen, MDC-LP Holding S a.r.l and Crescent Beteiligungsverwaltung GmbH. The latter two will sell their shares in LeasePlan to Fleet Investments, which is part of the Metzler Group.

(Reporting by Foo Yun Chee, editing by Timothy Heritage, John Stonestreet)

European union Volkswagen