The proposed transactions for the sale of Terex’s Material Handling & Port Solutions business to Konecranes received European Commission approval.

The condition of European Commission approval is a commitment by Konecranes to divest its Stahl CraneSystems business. Konecranes will begin this divestiture process immediately.

The proposed transactions also received early termination of the Hart-Scott-Rodino premerger waiting period by the U.S. Department of Justice.

“The clearances granted by both the European Commission and U.S. antitrust regulators are an important step towards the completion of the planned divestiture of our MHPS segment,” said John L. Garrison, Terex chief executive officer. “This also advances our effort to focus our organization on three business segments and simplify our operating structure.”

Konecranes and Terex continue to work closely with the other relevant competition authorities to obtain the necessary regulatory approvals. Completion of the sale of MHPS is expected to occur in early 2017 as planned.