The U.S. private equity L Catterton has completed the acquisition of the German footwear company Birkenstock after the deal was approved by the European Commission. The commission concluded that the acquisition ”would raise no competition concerns, given the companies’ moderate combined market positions resulting from the proposed transaction.” The transaction was examined under a simplified merger review procedure.

No financial details were released about the transaction, but the rating agency S&P Global revealed that the acquisition is expected to be financed by €1,075 million of senior term loans, €430 million of other senior unsecured debt, a €275 million vendor loan and an equity contribution of about €2.0 billion. According to media reports, the transaction values the whole of the German company at around €4 billion.

Under the deal, L Catterton and its affiliates, including Financière Agache, the investment company of the Arnault family, will buy a majority stake in the sandal maker. The Arnaults control the French luxury goods group LVMH. The owners of Birkenstock, the brothers Christian and Alex Birkenstock, will retain a stake in the company.