Actavis’ acquisition of Allergan cleared by Europe

Ireland-headquartered generics major Actavis (NYSE: ACT) has received clearance from the European Commission for its pending acquisition of Allergan (NYSE: AGN).

Clearance by the European Commission satisfies the final regulatory condition to the closing of the pending acquisition, which remains subject to certain customary closing conditions and is expected to be effective today. Later in the day Actavis confirmed completionof the transaction.

In November Actavis agreed to acquire the Botox maker for a combination of $129.22 per share in cash and 0.3683 Actavis shares for each share of Allergan common stock, with the transaction is valued at around $66 billion, or $219 per Allergan share, outbidding Canada's Valeant for the prize.