Brookfield (BN) is set to gain joint control of UK-based MHBF Renewable alongside Mitsubishi HC Capital after the European Commission approved the transaction under the EU Merger Regulation, the Commission said Friday.

MHBF Renewable is currently solely controlled by Brookfield and is primarily engaged in the generation and wholesale of electricity from renewable sources, the regulator said.

The Commission said the deal does not raise competition concerns, citing the companies' limited market positions resulting from the transaction. The deal was reviewed under the Commission's simplified merger procedure, it added.