Sinochem Group’s €210 million acquisition of a 50 percent stake in the anti-infective unit of Dutch life science company DSM has finally been approved by European regulators.

The Chinese state-owned petrochemical giant and Koninklijke DSM NV inked the agreement last December—a deal that was at the time Sinochem’s first foray into the biochemical sector. Following the approval, the parties will set up a joint venture headquartered in Hong Kong. Sinochem will take a 50 percent equity stake in DSM’s anti-infective unit for a total cash consideration of 210 million euros on a cash and debt-free basis.

The European Commission approved the transaction after it concluded that Sinochem’s new venture will face “sufficient level of competition in the markets concerned.”

A Simmons & Simmons team led by Tom Deegan advised Sinochem on the joint venture, while Broad & Bright partners Liu Hongchuan, Feng Yao and Xiong Tao assisted the state-owned enterprise with its MOFCOM anti-trust filings. De Brauw Blackstone Westbroek partner Erik Pijnacker Hordijk led a team that acted as lead counsel for DSM and advised the company on all Chinese competition law issues arising from its agreement with Sinochem.