Marsh & McLennan’s $US5.6 billion ($7.8 billion) takeover of JLT is set for completion today after the UK High Court of Justice approved the deal on Friday.

Competition regulatory approvals were also finalised last week, with the European Commission raising no objections after Marsh agreed to jettison an aerospace practice.

The European Commission’s review had flagged that the takeover would significantly reduce competition in providing broking services to aircraft operators and aerospace manufacturing, leading to a divestment to address the concerns.

“Barriers to entry are high on both markets, because customers require suppliers to have a proven track record, access to scarce expertise and global reach to compete effectively,” the commission said.

“The commission was concerned the transaction, as notified, would have negatively affected competition and could have led to higher prices, less choice and lower quality of services in these markets.”

JLT’s global aerospace broking business was sold to Gallagher for about £190 million ($345 million). The deal also included standalone division Hayward Aviation.

The European Commission found no other competition concerns in insurance broking specialty markets.

Marsh & McLennan President and CEO Dan Glaser announced the acquisition last September.

JLT Group CEO Dominic Burke will be Marsh & McLennan Vice-Chairman and will chair a new Marsh-JLT Specialty business, to be launched after the broking giants merge.

In regional changes, JLT Australia and New Zealand CEO Nick Harris becomes Marsh Pacific CEO, while Scott Leney, who currently holds that role, becomes Head of Australia.