The European Union Commission has given the green light to buy-out firms Cinven Group Ltd and Apax Partners & Co Ltd's joint purchase of German ladies' fashion retailer CBR Holding GmbH & Co KG.

Apax's part of the agreement was dependent on EU antitrust approval as the company already holds a number of fashion retailers including as New Look, Calvin Klein/Phillips Van Heusen and Morgan.

CBR operates approximately 600 franchise stores and has over 4,000 trading partners.

The EU Commission used its simplified antitrust procedure in which mergers or acquisitions are cleared after one month if no third party objections are raised.