SG Fleet Group (ASX:SGF) said Westmann Bidco, an entity controlled by private markets fund manager Pacific Equity Partners, notified that it received approval from the UK's Financial Conduct Authority for its acquisition of SG Fleet via a scheme of arrangement, according to a Friday Australian bourse filing.

The deal is still subject to shareholder and court approvals, the filing said.

Its board recommended that its shareholders vote in favor of the offer, in the absence of a superior bid.