The phrase "closing conditions" refers to certain requirements or conditions that must be met before a deal or transaction can be completed or finalized. Full definition
Now, completion of the transaction is subject to regulatory approvals and other customary closing conditions. (cnbc.com)
Subject to the satisfaction of customary closing conditions, including antitrust clearance, the transaction is expected to close by the end of 2011 or early 2012. (bgr.com)