In February 2020, Alstom agreed to buy the Bombardier Transportation division and signed a memorandum of understanding to do so, for between €5.8 billion and €6.2 billion. The deal required approval by Alstom shareholders at a meeting held in October 2020, as well as approval by European regulators. Bombardier's major shareholder, Caisse de dépôt et placement du Québec, had already agreed to the sale. In July 2020, the European Commission approved the sale. Bombardier Inc. announced on 1 December 2020, that the transaction was closed on 29 January 2021 for €5.5 billion.