The Australian Competition and Consumer Commission has approved the sale of Canadian dairy company Saputo Inc.'s plant in Victoria, Australia, to domestic company Bega Cheese Ltd.

Bega Cheese said in an Aug. 10 statement that it will work with Saputo's Australian arm to complete the proposed C$244 million transaction for the dairy processing facility in the town of Koroit.

Saputo gained ownership of the Koroit plant through its asset purchase deal with Australian dairy producer Murray Goulburn Co-Operative Co. Ltd. The company offered to divest the facility in order to resolve competition concerns raised by the ACCC regarding the transaction.