Regulators have approved SABIC’s purchase of a 24.99% stake in Swiss chemical company Clariant, a company press release announced.

The Saudi manufacturing company will close the purchase in mid-September, making them Clariant’s second largest anchor shareholder.

The two companies signed a purchase agreement in January 2018, and have since been awaiting the decision of market regulators.

“With SABIC receiving all the regulatory approvals and the transaction set to be completed, we look forward to further developing the strategic relationship between both companies in order to generate value for all stakeholders,” said Clariant CEO, Hariolf Kottmann.