I assume the decision we are waiting for from the OfT is not whether or not AFKL can buy VLM, but what they need to give up in order to make it work. If they OfT feels AFKL + VLM has too many LCY slots at 49% then they'll ask the new company to give up some.
I just hope they don't have to give up too many - after all BA has about 42% of LHR slots if my memory serves me right.