The U.S. Federal Trade Commission granted anti-trust clearance to the United Launch Alliance (ULA), a joint venture that will combine the government launch operations of Boeing Co. and Lockheed Martin Corp., the companies announced Oct. 3.

The clearance is subject to compliance with a consent order that both parties have approved and which will govern certain activities of the ULA, Boeing and Lockheed Martin upon closing of the transaction, Boeing said. The approval is the final step in the government’s regulatory process, but the companies have not yet set a date for the completion of the transaction.

Upon closing, Michael Gass, vice president and general manager of Lockheed Martin Space Transportation, will become president and CEO of the ULA. Dan Collins, vice president of Boeing Expendable Launch Systems, will serve as COO. Each company will appoint three members to a board of directors.