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Global mining giant Anglo American has received approval from the European Commission to proceed with its takeover of De Beers, according to a report in The Economic Times.

According to terms of the deal, which was initially announced in November, Anglo American would acquire 40% of De Beers, The Economic Times reported.

The deal would increase Anglo’s stake in De Beers to 85%, effectively ending the involvement of South Africa’s Oppenheimer family in the company, continues The Economic Times.

The report noted that the government of Botswana holds a 15% stake in De Beers, and it has the option of boosting its share to 25%.

The transaction is expected to be finalized later this year.