(SMH) - Treasury Wine Estates has received the go-ahead from US regulators to proceed with its purchase of most of Diageo wines business in the US and UK.

The Aussie wine supplier on Wednesday said the US Federal Trade Commission had completed its review of the deal and had raised no objection.

TWE in October agreed to buy the Diageo operations for $US552 million ($761 million) and will take on another $US48 million of leases. It raised $368 million through a share issue to help fund the purchase.