BRUSSELS Germany's Robert Bosch GmbH ROBG.UL gained EU approval on Tuesday to purchase the car service business of U.S. manufacturer SPX Corp SPW.N for $1.15 billion.
SPX is selling the unit to focus on its fast-growing flow technology business. The acquisition will boost world No. 1 car parts maker Bosch's presence in the North American diagnostics business.
The European Commission, which acts as competition regulator in the European Union, said it did not see any major competition concerns as a result of the deal, confirming a Reuters report on Monday.
"The Commission's investigation found that a number of credible competitors would remain active in the markets concerned after the proposed transaction," the EU executive said in a statement.
(Reporting by Foo Yun Chee; editing by Rex Merrifield)