UK-based Ardonagh is a step nearer to wrapping up its $2.3 billion acquisition of PSC Insurance Group after the Australian broker’s shareholders voted overwhelmingly in favour today.

About 99.9% of direct and proxy votes backed the scheme of arrangement for the proposal announced in May, which will see Ardonagh paying $6.19 in cash per share for PSC.

“The support from PSC shareholders highlights the sound rationale in merging these two leading businesses,” Ardonagh CEO David Ross said.

“The PSC story and strategy mirrors our own in many ways. Like Ardonagh, this is a business built on entrepreneurial spirit and high-quality teams moving in formation with each other, and we will have much to build on together very soon.”

He says the acquisition will bring more growth opportunities for the expanded group.

“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. We’re excited to get to work.”

The takeover has already secured approvals from the Australian Competition and Consumer Commission and the UK 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 next Tuesday.

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

PSC chairman Paul Dwyer, who founded the business, says today’s shareholder meeting is a “momentous” occasion for the brokerage.

“PSC was started with just five people 18 years ago,” he said. “We are proud to have reached this milestone and thankful to the colleagues who have been on this remarkable journey with us as we built trust and equity in the market.

“We now look ahead to joining a global team in Ardonagh who share our drive and values.

“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.”