Next Fifteen Communications Group PLC (AIM:NFC) has received regulatory approval for its proposed takeover of global advertising agency M&C Saatchi PLC (AIM:SAA).
The London-based digital marketing group's takeover bid is conditional on competition and regulatory approvals, including approval from the UK Competition and Markets Authority (CMA).
Next Fifteen said in a statement that it has received approval under the 2021 National Security and Investment Act and the Australian foreign investment regulatory framework.
READ: M&C Saatchi, Next Fifteen delay takeover discussions
The CMA confirmed it had “no further questions” relating to the offer and has not opened an inquiry into the takeover proposals, Next Fifteen said.
Next Fifteen added that it expects to receive further approval from the Committee on Foreign Investment in the United States in the fourth quarter.