The investment arm of Ikea owner Ingka Group has obtained merger clearance for its planned acquisition of a 49% stake in a 9GW offshore wind pipeline in Sweden from developer OX2.

The transaction is now expected to close within two weeks, OX2 said. The developer will receive an initial payment of about €58m ($58m), and after permits are obtained and if both parties agree to continue the development, another payment of up to €100,000 per MW of the planned total capacity.