11:47 AM EST, 11/27/2024 (MT Newswires) -- (Updates with details throughout on regulatory approvals, share price movement in the final paragraph.)

John Bean Technologies ( JBT ) expects to close its proposed acquisition of Icelandic software company Marel by Jan. 3, the food and beverage services company said Wednesday after the deal was cleared overnight by European Union antitrust regulators.

The European Commission said late Tuesday John Bean Technologies' purchase of Marel did not raise regulatory concerns due to its limited impact on market competition.

John Bean Technologies ( JBT ) said the EU was the final jurisdiction needed to complete its review and follows regulators in Australia late last week also saying they would not oppose the transaction. Pending approval by at least 90% of Marel shareholders, JBT said it now expects to settle the deal by Jan. 3, which would fall within five business days of the scheduled expiration date for the acquisition required under Icelandic law.

After touching a new 52-week high of $127.23, JBT shares were 1.5% higher in recent trading.

Price: 125.99, Change: +1.80, Percent Change: +1.45