The Competition and Markets Authority (CMA) has cleared the proposed £11bn merger of Standard Life and Aberdeen Asset Management paving the way for the completion of the deal in August this year.

The British competition watchdog, which launched an inquiry into the all-share takeover last month, said it will not refer the deal to an in-depth probe.

The companies in a joint statement said: “Standard Life and Aberdeen note the announcement today by the CMA that it has completed its review of their proposed merger and has cleared the transaction unconditionally.

“The transaction is currently expected to complete on 14 August 2017, subject to remaining regulatory approvals.”

The deal that would create Europe’s second largest fund manager has already received the go-ahead from the shareholders of both companies.

The merged entity will be known as Standard Life Aberdeen and will manage £660bn in assets.

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It will be jointly headed by Standard Life CEO Keith Skeoch and Aberdeen CEO Martin Gilbert.

Last month, the companies announced plans to lay off 800 staff  as part of the deal.