LBC sells bulk storage products for refined chemicals, hydrocarbons and refined petroleum products.
French private equity fund Ardian will take a 35% stake in the company from State Super and Sunsuper while Netherlands-based asset management company APG and pension fund PGGM will retain their current investment in the company with a 32.5% stake each, LBC said in an investors' statement.
The Commission has concluded that the proposed acquisition would not give rise to any competition concerns as it will have a limited impact on the structure of the market, it said.
LBC's largest operations are in the US Gulf Coast at Houston and Baton Rouge. The company also operates sites in Rotterdam and Antwerp in Europe, and Shanghai in China.