Skechers USA's (SKX) go-private buyout by private equity firm 3G Capital was approved by the European Commission, the Commission said on Tuesday.

The Commission said the deal does not "raise competition concerns," since the two companies aren't operating in "the same or vertically related markets."

The footwear maker agreed in May to be acquired by 3G Capital for $63 per share in cash, which included an option for Skechers shareholders to instead receive $57 per share in cash and one unlisted, non-transferable equity unit in a newly-formed, privately-held company following closing of the deal.