TPG's (TPG) indirect acquisition of joint control of Cambridge Mobile Telematics through a share purchase has been approved by the European Commission, the commission said Tuesday.

Upon completion of the transaction, Cambridge will be jointly controlled by TPG, Vitality Group, and SoftBank Vision Fund, the commission said.

Financial terms of the transaction were not provided.

The joint venture has "negligible activities" in the European Economic Area and the companies are not active in the same or vertically related markets, the commission said.