The proposed merger of Live Nation Inc. and Ticketmaster Entertainment Inc. has cleared one more hurdle, with the United Kingdom’s antitrust regulators announcing Tuesday that they have decided to clear the deal.

The combination of West Hollywood-based ticketing agent Ticketmaster and Beverly Hills-based concert promoter Live Nation still faces tough scrutiny from U.S. and Canadian regulators. The merger already has been approved in Norway and Turkey.

In February, Live Nation announced plans to buy Ticketmaster Entertainment for about $400 million in stock. The combined company group will have combined gross annual revenue of $5 billion.

Live Nation shares were up 35 cents, or 4 percent at $8.50 in midday trading on the New York Stock Exchange. Ticketmaster Entertainment shares were up 71 cents, or 6 percent to $12.47 on the Nasdaq.