The European Commission said Monday it has cleared Citi Infrastructure Partners, a unit of U.S. bank Citigroup Inc. (C), to buy a 42.83% stake in Itinere Infraestructuras SA, a Madrid-based highway construction company.

Citi will pay EUR6.2 billion. Itinere was previously owned by Spain's Sacyr Vallehermoso SA (SYV.MC).

-By Carolyn Henson, Dow Jones Newswires; +32 2 741 1481; carolyn.henson@dowjones.com