The European Commission has approved plans by the US financial services firm Liberty Mutual Insurance to buy the Spanish units of Royal & Sunalliance (R&SA).

UK-based insurer R&SA announced this July that it was selling its Spanish units to Liberty Mutual for £134m.

The sales of R&SA Vida y Pensiones and Regal Insurance Club were approved under the commission's new simplified procedure.

This procedure allows uncontroversial transactions to be approved within one month if no one raises competition concerns.