Cigna New Zealand has announced it has been granted regulatory approval to proceed with its planned acquisition of ANZ’s OnePath Insurance business.

Earlier this year, Cigna entered into negotiations with ANZ to purchase the insurance business. ANZ, at the time, detailed the sale price of OnePath would amount to $700 million dollars. The sale also includes a 20-year strategic alliance for Cigna to provide insurance solutions to ANZ customers.

Now, in a statement, Cigna said it has received the Reserve Bank of New Zealand’s and the Overseas Investment Office’s final approval for the deal.

“We’re really pleased to have reached this important milestone on the journey,” Cigna New Zealand chief executive Gail Costa said. “This is an exciting time for both organisations as we work towards bringing the companies together.”

The sale is expected to be completed by early 2019. The completion will see Cigna become New Zealand’s third largest life insurance provider.