According to recent reports the Random House and Penguin merger deal is all set to win the approval of the European Union Commission

Last year October, Random House and Penguin announced a deal which would merge the two publishing houses. The US department of Justice was the first to give the two companies its approval for merger. Australia and New Zealand followed suit a few months later. China and Canada are also examining the proposed merger Up until now the European Union Commission has not given the merger its go-ahead nod. However, according to a report by Reuters both publishing houses will now receive an "unconditional EU regulatory approval."

According to the terms of agreement Bertelsmann, which is the parent company of Random House will own 53 percent of the merged company while Pearson, the parent company of Penguin will hold 47 percent of the company. The merger will give rise to "Penguin Random House", the world's largest publishing house, which will reportedly help the companies tackle emerging markets and invest in new digital models.

Before the deal was made, Markus Dohle, who will serve as the new CEO of Penguin Random House sent out a letter in late October in an attempt to reassure agents that editorial diversity would be maintained. "In this new partnership with Penguin, we will be retaining the distinct identities of both companies' imprints," Dohle promised. "You and your clients will benefit from an extraordinary breadth of publishing choices, and editorial talents and experience."

The deal is rumored to be for $2 billion to $3 billion, LA Times Reports.