VMware (NYSE:VMW) shares closed with more than a 5% gain on Tuesday after The Financial Times reported that European Union regulators are set to approve Broadcom's purchase of VMware.

However, approvals from UK and US authorities are still pending for the $69 billion deal, which is expected to be one of the largest tech takeovers. The European Commission is expected to announce its approval on Wednesday, stating that Broadcom's concessions address competition concerns without requiring the sale of parts of VMware. The deal has been cleared by regulators in Canada, Brazil, and South Africa, but it faces ongoing competition concerns and probes in the US, UK, and China.