It’s finally over, at least as far as the European Union is concerned. The big news in the IT industry today is that Oracle has officially been given the green light by EU regulators to proceed with its $7.4 billion acquisition of Sun Microsystems.

"I am now satisfied that competition and innovation will be preserved on all the markets concerned," said EU competition commissioner Neelie Kroes, in a statement. "Oracle’s acquisition of Sun has the potential to revitalize important assets and create new and innovative products."

It wasn’t that long ago that EU regulators were singing a different tune. The major stumbling block had been Oracle’s impending control of the free MySQL, which drew concern over what Oracle would do with the database software in light of selling its own database product. But those concerns were put to rest when Oracle agreed to a series of concessions, some of which included promising to pay $72 million over the next three years in R&D to improve MySQL, and extending MySQL’s existing commercial licenses for up to five years.

"The Commission’s in-depth investigation showed that although MySQL and Oracle compete in certain parts of the database market, they are not close competitors in others, such as the high-end segment," the EU said in a statement.

There’s still work to be done, and before Oracle can pop the cork on the champagne bottles, it will need to convince regulators in Russia and China to jump on board. Protesters from the MySQL community recently turned their attention to these very markets in hopes of blocking the deal, but Oracle still says it expects "unconditional approval" to come soon.