The British Competition Commission on Tuesday cleared the way for the merger of Ticketmaster Entertainment and world's biggest concert promoter Live Nation, dropping its earlier decision.

Earlier in October, the merger watchdog had ruled that the $2.5 billion merger of Ticketmaster and Live Nation would prove to be anti-competitive. 

The Competition Commission said that its recent decision was based on significant new evidence.

Speaking on the issue, watchdog's deputy chairman Christopher Clarke said, "Our decision today differs from our provisional findings in October, which is unusual but not unique."

Both, Ticketmaster and Live Nation welcomed watchdog's yesterday's decision.

However, the deal still requires approval from the US and Canadian authorities.