PSC Insurance Group shareholders have voted to sell the business for $2.3 billion to UK-based Ardonagh, with near-total backing for the takeover.

About 99.9% of direct and proxy votes backed the scheme of arrangement for the proposal, announced in May. Ardonagh will pay $6.19 in cash per PSC share to take full control of the listed Australian intermediary.

“We’re excited to get to work,” Ardonagh CEO David Ross said. “The support from PSC shareholders highlights the sound rationale in merging these two leading businesses.

“PSC’s culture and values are closely aligned with ours, and its portfolio of complementary businesses offers significant opportunities to enhance our presence in Australia, as well as in wholesale and specialty markets globally.”

The takeover has already secured approvals from the Australian Competition and Consumer Commission and the UK’s Financial Conduct Authority.

Ardonagh has also received a “no objections” notification on behalf of the Federal Treasurer, under foreign investment laws.

The takeover remains subject to approval from the Federal Court and a hearing has been scheduled for tomorrow.

The transaction is expected to close on or about October 11.

Ardonagh previously said it intends to merge PSC’s Australia and New Zealand operations with Envest, acquired by the group in February 2023, making one of Australia’s largest privately owned insurance distribution platforms, placing $3.3 billion in gross written premium annually.

Envest CEO Greg Mullins will oversee the combined operations for Australia and New Zealand.

PSC chairman Paul Dwyer, who founded the business, says last week’s shareholder vote was a “momentous” occasion for the brokerage.

“We believe this deal not only maximises value for PSC shareholders but also offers a strong growth platform for PSC colleagues and clients with Ardonagh globally,” he said. “We now look ahead to joining a global team in Ardonagh who share our drive and values.”