The Australian Competition and Consumer Commission has given the green light to Universal Music Group's proposed acquisition of BMG Music Publishing Group.

In a statement published Thursday (Dec. 21) on its Web site, the ACCC said that the transaction was "considered unlikely" to substantially lessen competition. The ACCC had launched its review into the planned merger following a submission from Universal Music on Oct. 27.

The multi-billion dollar buyout still faces regulatory hurdles in Europe, where an in-depth investigation was announced Dec. 8 by the European Commission. The U.S. Department of Justice had earlier cleared the move.

Universal Music Group has welcomed the ACCC's findings. "We are pleased that the Australian Competition and Consumer Commission has cleared our proposed acquisition of BMG Music Publishing Group," UMG said in a separate statement.

UMG adds, "we will continue to work with the European Commission during Phase II of its review and look forward to securing regulatory clearance in due course."