(BRUSSELS) - EU regulators approved on Monday Sony Corp. of America's acquisition of the 50 percent it does not own in music giant Sony BMG from German media group Bertelsmann.

In a statement, the European Commission said it had "concluded that the transaction would not significantly impede effective competition" in the European Union or any substantial part of it.

The purchase would make Sony the sole owner of Sony BMG which will be renamed Sony Music Entertainment once the buy out is approved.

Just four years after Sony BMG was created with great fanfare, Bertelsmann said last month that it was walking away after a "careful and thorough review" in a move "that we believe will benefit the stakeholders of both companies."

The German media giant, which owns a string of assets, will receive 1.2 billion dollars (844 million euros) from the deal, Sony has said, including 300 million dollars of its share of the cash on Sony BMG's balance sheet.

Sony BMG is one of the industry's "big four" together with Universal, EMI and Warner Music and has in its stable of artists the likes of Christina Aguilera, Celine Dion, Bob Dylan, The Foo Fighters and Bruce Springsteen.

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