WOOD Group’s £2.2 billion takeover of Amec Foster Wheeler was given the green light by Britain’s antitrust regulator yesterday.

The Competition and Markets Authority (CMA)

said it has accepted remedies which include Amec selling off a number of assets.

The proposed deal had given rise to competition concerns surrounding the supply of engineering and construction services, and operation and maintenance services in the North Sea.

But the deal is now expected to complete next month.

Announcing the takeover plan March, Aberdeen-based Wood Group said it will result in “significant cost and revenue synergies” of at least £110 million per year.

Wood Group employs 29,000 people while Amec has 35,000 workers. The new entity would be valued at around £5 billion.

Robin Watson, chief executive

of Wood Group, said: “Since we announced the deal, both parties have maintained a relentless focus on keeping on schedule.

“This earlier than anticipated decision from the CMA allows us to move forward with pace and we are very confident of completing the acquisition of Amec Foster Wheeler in October.”