EU approves Blackstone's buy of Tussauds

Private equity firm Blackstone Group won permission from the European Commission on Thursday to buy the owner of Madame Tussauds waxworks museums for about 1 billion pounds ($2 billion) cash.

The deal would create the world's second-biggest theme park group behind Walt Disney Co.

"The Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area or any substantial part of it," the European Union's executive arm said in a statement.

The deal would combine Tussauds, one of London's biggest tourist attractions, Sea Life aquariums and the London Eye Ferris wheel with Blackstone-owned Legoland and Gardaland theme parks, held in its Merlin Entertainments Group.

The Tussauds group also operates the Alton Towers, Thorpe Park and Chessington World of Adventures theme parks in Britain.

Merlin operates The Dungeons and Earth Explorer tourist sites, in addition to four Legoland theme parks and Italy's biggest theme park, Gardaland.

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