BRUSSELS -- Blackstone Group won permission from the European Commission on Tuesday to acquire TRW Inc.'s automotive parts unit for almost $4.73 billion, the European Union executive said.
The antitrust division of the U.S. Justice Department granted permission for the deal on Dec. 31.
The acquisition by Blackstone, a New York buyout firm, came out of Northrop Grumman Corp's purchase of TRW late last year. Northrop bought TRW for its defense business and said it would sell or spin off TRW's auto parts operations.
Blackstone said in November that it planned to retain the current management at the auto parts unit and was likely to hold a public stock offering in the coming years.
Terms of the transaction call for Blackstone to pay $4.725 billion for the automotive unit, including about $4 billion in cash and $600 million in debt securities.
Northrop, the No. 2 U.S. defense contractor, is expected to retain a stake of about 20 percent in the operation after the deal closes.
The transaction was approved under the Commission's simplified procedure, used when neither customers nor rivals have complaints about a deal.