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EU approves Apple's acquisition of Shazam

The European Union has cleared Apple Inc.'s proposed acquisition of British music recognition app Shazam Entertainment Ltd.

While approving the deal, the commission concluded that the merger would not adversely affect competition in the European Economic Area or any substantial part of it, according to a Sept. 6 news release.

"After thoroughly analyzing Shazam's user and music data, we found that their acquisition by Apple would not reduce competition in the digital music streaming market," Commissioner Margrethe Vestager said.

In December 2017, Apple confirmed that it had agreed to buy Shazam, which allows users to identify songs, TV shows, films and commercials. While financial details were not disclosed, reports have put the price at about $400 million.