Dai-ichi Life has received approval from the Australian Prudential Regulation Authority for its takeover of Tower Australia.

Last month, the Japanese insurer received approval from the Foreign Investment Review Board.

A Tower Australia spokesman told insuranceNEWS.com.au that all Australian regulatory approvals have now been received and the deal is awaiting approval from the Financial Services Agency of Japan.

Dai-ichi is offering shareholders $4 a share for the outstanding 71% of Tower its doesn’t own.

Tower Australia shareholders will vote on the deal on April 18.