Ingram Micro shareholders have given the proposed acquisition of the distributor by Tianjin Tianhai Investment Company the green light, voting overwhelmingly for the deal to go ahead.
A special meeting of Ingram Micro's shareholders saw 99.8% of them vote in approval of the US$6 billion deal. Just 0.1% voted against the deal, with the rest abstaining.
The shareholders also voted in favour of a US$126 million payout for 15 Ingram Micro executives and directors following the finalisation of the acquisition.
The acquisition, announced in February, will see Ingram Micro become an indirect, controlled subsidiary of the Chinese company.
Tianjin Tinahai is partially owned by HNA Group, a Fortune Global 500 enterprise group with strong footholds in the aviation tourism and logistics markets,
The deal offers Ingram Micro a strong presence in China, with Alain Monie, Ingram Micro chief executive, also noting it will make the distributor part of a larger organisation with complementary logistics capabilities.
For HNA Group, the deal offers access to business opportunities in emerging markets, with high growth rates and better profitability, and enables it to ‘transform' from a logistics operator to a supply chain operator, providing one-stop services.
The deal hasn't been completely supported, however, with a class action suit filed by a shareholder.
The acquisition, which still needs clearance from a range of regulatory bodies, is expected to close in the second half of this year.
Earlier this month, the merger received early termination of the 30-day waiting period under the US Federal Trade Commission and Antitrust Division's antitrust act.
Meanwhile HNA Group has continued its buying spree, investing AU$159 million in Virgin Australia.