The merger between Live Nation and Ticketmaster merger just received official approval from the U.S. Department of Justice. The merger is expected to close immediately, CNBC's David Faber reports.

Update: Under terms accepted by Ticketmaster and Live Nation in their merger, the U.S. Department of Justice required that Ticketmaster sell Paciolan, its ticketing and software services unit, to Comcast's sports and entertainment firm or "another buyer suitable to the department."

Ticketmaster must also license its software to Anschutz Entertainment Group (AEG), the company’s largest customer. With a copy of the Ticketmaster software, AEG will be able to market an attractive ticketing system to venues, according to the DOJ.

Under the settlement terms, both companies will be able to compete head-to-head with Ticketmaster, according to the DOJ.

Read more details here.

In February, Live Nation, the world’s largest concert promoter, announced plans to buy Ticketmaster, the leading ticketing group, for about $400 million in stock. After criticism from artists, anti-trust agencies and their competition, the DOJ and other departments across the world investigated the merger.

The news comes a few days after the UK Competition Commission officially cleared the merger. The CC, an independent public body which conducts in-depth inquiries into mergers, markets and the regulation of the major regulated industries, concluded in its final report that the merger will not result in a substantial lessening of competition in the market for live music ticket retailing or in any other market in the UK. Click here to review the text of their report.

In the UK, Live Nation promised to pay their competition, Eventim, the full fee for every Live Nation-controlled ticket sold (excluding sales made in-person at the box office and sales by Eventim).