Metso and Outotec Oyj received on Wednesday an unconditional merger control clearance from the European Commission for the combination of Metso’s Minerals business with Outotec.

The companies also received clearances also from the competition authorities of a number of other jurisdictions, including Canada, Chile and Turkey.

Metso said it expects the completion of the combination to take place on June 30, 2020.

The combination of Metso Minerals and Outotec is highly complementary and will create a unique company in the industry. Metso Outotec will leverage the strengths of both companies, including technology and R&D, product and process excellence, scale and global service offering footprint. The combination will deliver significant benefits to all stakeholders

The combined company, comprising Metso Minerals and Outotec (but excluding Metso Flow Control), will be named “Metso Outotec”. The current CEO of Metso, Pekka Vauramo, will become Metso Outotec’s CEO, and the current CEO of Outotec, Markku Teräsvasara, will become the Deputy CEO of Metso Outotec.

Metso shareholders will own 78% and Outotec shareholders 22% of the combined company.